Form 102, Agreement of Purchase and Sale

What Is the Agreement of Purchase and Sale?

The agreement of purchase and sale, commonly referred to as Form 102, is a legally binding contract used to formalize the terms between a buyer and a seller for property transfer. This document details all critical elements of the deal, such as property details, purchase price, closing date, and conditions.

Overview of the OREA agreement of purchase and sale

In Ontario, the Real Estate Association (OREA) maintains a standard form for these types of contracts, known as the OREA agreement of purchase and sale form. This version of Form 102 is universally recognized in the field of Ontario real estate and is instrumental in ensuring a smooth and legally verifiable property transaction.

How to Fill Out Agreement of Purchase and Sale OREA

Here's a detailed guide to filling out the pdf agreement of purchase and sale form:

1. Begin by identifying the date of the agreement at the top of the form where it indicates, specifying the day, month, and year.
2. Enter the full legal names of all buyers in the designated "BUYER" section, ensuring each buyer's name is clear and accurately reflects their legal documentation.
3. Similarly, input the full legal names of all sellers in the "SELLER" section.
4. In the section labeled "REAL PROPERTY AND SHARES," provide details about the exclusive rights to occupy and use the unit, including any associated parking space(s) and locker(s). Specify the number of shares in the corporation's capital the buyer agrees to purchase.
5. Specify the purchase price in both words and numbers in the "PURCHASE PRICE" field to avoid any discrepancies.
6. Complete the "DEPOSIT" section by indicating the amount and whether the deposit is submitted with the offer, upon acceptance, or as otherwise described in the agreement. Specify the form of the deposit, such as by negotiable cheque, and the name of the deposit holder.
7. Clarify payment details under "Buyer agrees to pay the balance" and reference any schedules, such as Schedule A, that form part of this agreement.
8. Check all schedules attached to the agreement to ensure they are correctly referenced and attached, as they form part of the agreement.
9. In the "IRREVOCABILITY" section, mention the party by whom the offer is irrevocable and specify the time and date until which the offer remains open.
10. Provide the details for the "COMPLETION DATE," noting the latest time and date by which the transaction should be completed.
11. Both the buyer(s) and seller(s) must initial the form wherever indicated to validate the information on each page.
12. Complete any additional provisions or conditions specific to the agreement as outlined in the form or attached schedules.
13. All relevant parties must initial the "INITIALS OF BUYER(S) and SELLER(S)" sections on each page to confirm the details and terms agreed upon.
14. Ensure that the agreement is signed and witnessed as required at the end of the form, with all signatures duly noted in the presence of a witness.

Accessing 102 form on PFDliner

Form 102 can be easily accessed online through PDFliner. Having the form readily available online ensures that users can fill it out at their convenience and pace. The digital format enables seamless editing, signing, and sharing among all parties involved in the transaction. 

You can also use PDFliner's built-in AI assistant to help you fill out the form. But remember, if you have any questions about the legal part, you should consult a lawyer, the AI assistant cannot replace him. Moreover, it reduces the reliance on physical paperwork and provides a safe, hassle-free method for maintaining legal documentation.