Key Items In Agreement: The Agreement of Purchase and Sale-Part II: The Agreement of Purchase and Sale gets updated

Published in the Globe and Mail May 25, 2001.

Most builders have their own form of agreement of purchase and sale which covers the matters mentioned in these columns.

The Greater Toronto Home Builders’ Association (GTHBA), which represents over 600 home builders in the GTA, developed a standard form of new home agreement of purchase and sale in 1988. This agreement is user friendly and clearly spells out purchaser and vendor rights in simple but fair language.

It has earned significant acceptance by builders over the years and is well understood by real estate lawyers in the business.

Any changes to these agreements are separately marked or noted and so are easily identified.

The GTHBA in February 2001 updated its standard agreement of purchase and sale to address issues that have arisen since the original agreement was prepared and to better mirror industry standards. Builders are licensed by the GTHBA and are listed to use this agreement on the GTHBA’s Web site at www.newhomes.org. Purchasers can also view the new standard agreement at this Web site.

It is expected that this agreement over the next year will garner even more acceptance by both builders and purchasers, particularly in its CD- and computer-friendly format. Let’s continue our look at some key terms of builder’s sales agreements.

For the complete article view the document below.