Hamilton Real Estate Blog

Can you get out of an Agreement of Purchase and Sale?

Going on the hunt for a new home is likely one of the most exciting adventures in a person's life. Putting pen to paper and signing an offer to make the purchase official can make your heart race and your palms sweat. But that excitement can quickly turn to angst should you realize something may be amiss with the house or that perhaps you are over your budget. So, what happens when a purchaser wants to get out of an Agreement of Purchase and Sale?

Provinces regulate real estate laws via individual real estate boards. In Ontario, the Ontario Real Estate Association (OREA) speaks to legal documents like an Agreement of Purchase and Sale. Once a seller agrees to an offer from a purchaser and the documents bear the signatures of those involved in the deal, it becomes a legal, binding document and is difficult to rescind unless there are conditions in the offer.

Important things to note before purchasing a home

Buying a home is most likely the biggest purchase you'll ever make in your life. So, arming yourself with the right information before you go on a mission to find your perfect home might save you a lot of stress and keep you from making some house-hunting mistakes.

Lawyer Pat Filice has written a book on 101 tips for new home buyers. Get your complimentary copy.

The first word of advice is to shop around for a realtor with whom you feel comfortable. After all, this person will probably introduce you to the home in which you'll be spending many years. If you feel you can trust your salesperson to act in your best interests, you've probably found the one for you.

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