APS
Name that legal aspect
Name that legal aspect part 2
All about mortgage
Case law
100

What is APS (Agreement of Purchase and Sale)

A legally binding document outlines the terms and conditions the buyer and seller agreed upon.  Once signed by both parties, it is legally binding.

100
  • Verifies ownership
  • Easements/Restrictions(the right to use another's  property without owning it.) 
    •  Ensures you’re aware of any rights others may have over the property, (shared driveways, utility access.)

Title search

100

NOT legally required, it’s often included as a condition in the APS.

- Detect Structural Issues

- Review Systems - Functioning properly

- Plan for Repairs - maintenance costs + repairs

Home inspection

100

Name 1 key step in mortgage financing


  • Pre-Approval: Understand how much you can afford before house hunting.
  • Appraisal: Your lender may require a property appraisal to confirm its market value.
  • Terms and Conditions: Review the interest rate, repayment terms, and penalties for early payment.
  • Legal aspect: Mortgage document you must fill out - easier with legal guidance
100

What was the Macmillian case in 2015?

A family was denied permission to build on their land due to flood concerns.

200

Name one key element of the Agreement of Purchase and Sales 

  • Property/asset identification (unique code/identification for the house)
  • Offer price (The amount agreed upon for the property. Can vary)
  • Closing date(ownership of the property transferred to the buyer.)
  • Legal names of buyer and seller
  • Conditions related to the sale. (inspections of the house, liabilities)
200

______ are the additional expenses incurred at the end of the home-buying process. 

  • Legal Fees: Payment for your lawyer’s services during the transaction.
  • Title Insurance: Protects you against future title-related issues.
  • Land Transfer Tax

Closing Costs

200

In Ontario, buyers must pay a ____ upon purchasing a property(Houses passed down or newly built property). The amount depends on the property’s purchase price and location.

Land transfer tax

200
What are liens?

A legal right to possess another property until a debt is repaid or an obligation is met.

200

What does case law help in shaping?

what you can do with your property and protects your ownership rights.

M
e
n
u