APS stands for Agreement of Purchase and Sale — the binding contract between buyer and seller in every Ontario residential real estate transaction. The standard OREA Form 100 (or OREA equivalent) is used for resale homes; condos and Power of Sale deals add additional schedules. Understanding what each clause means before you sign protects you from costly surprises during the conditions period and at closing.
In this guide, we cross-reference What Is a Firm Offer?, What Is a Clean Offer?, How to Buy a House in Ontario, and What Does Pending Mean? — click through whenever you want to go deeper on a related concept.
What the APS Contains
- Buyer and seller legal names.
- Property address and legal description.
- Purchase price and deposit terms.
- Closing date.
- Conditions (financing, inspection, status certificate, etc.).
- Inclusions and exclusions (chattels and fixtures).
- Irrevocable date and time.
- Schedule A (additional terms).
- Schedule B (Power of Sale or other special terms).
Standard TRREB Forms
| Form | Use |
|---|---|
| Form 100 | Standard resale residential APS |
| Form 101 | Resale condominium APS |
| Form 200 | Listing agreement (seller representation) |
| Form 300 | Buyer Representation Agreement |
Conditions Defined in the APS
Conditions protect the buyer (or sometimes the seller) by allowing termination if specified contingencies are not met. Common conditions:
- Financing — typically 5–10 business days.
- Home inspection — typically 5 business days.
- Status certificate review (condos only) — typically 10 business days.
- Sale of buyer's property — variable, often 30–60 days.
- Lawyer review — typically 2–5 business days.
Irrevocable Period
Every APS has an irrevocable time — the deadline by which the other party must accept. After that time, the offer expires automatically. In multiple-offer situations the irrevocable is often very short (1–2 hours).
Inclusions vs Exclusions
List specifically what stays (fridge, washer/dryer, light fixtures) and what does not (dining room chandelier, designer drapes). Vague descriptions cause disputes at closing.
Get a Lawyer Before You Sign
An APS is a binding legal contract. Have your real estate lawyer pre-approved before you offer. Many Toronto buyers add a 2–3 day lawyer-review condition for non-standard schedules.
Frequently Asked Questions
Is the APS the same in every province?+
No. Ontario uses TRREB/OREA standard forms. BC, Alberta, and Quebec each have their own contract structures and standard forms. The legal principles are similar but the language is not.
Can I write my own APS?+
Legally you can, but it is risky. Standard TRREB forms have been litigated and revised for decades and most lawyers will not advise drafting from scratch.
What if a condition is not satisfied?+
If the condition is for the buyer's benefit and not waived/fulfilled in time, the buyer can terminate the deal in writing and the deposit is returned. The exact mechanics are spelled out in the condition clause.
Do I need a lawyer to review an APS?+
Strongly recommended for non-standard deals (Power of Sale, assignments, commercial). For standard residential APS using Form 100, your agent walks you through the boilerplate, but a lawyer is engaged to close the deal.
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Every (416) GET ALDO buyer gets a clause-by-clause walkthrough of the APS before signing. Aldo and his team have written and negotiated thousands of Form 100s — let's make sure yours is airtight.