Ontario Real Estate Licensing Exam Practice · Question
Which of the following elements is generally considered essential for a valid and enforceable Agreement of Purchase and Sale in Ontario?
For an Agreement of Purchase and Sale to be valid, it must clearly identify the parties involved, the subject property (legal description or municipal address),
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Question: Which of the following elements is generally considered essential for a valid and enforceable Agreement of Purchase and Sale in Ontario?
Answer options: ✅ A clear description of the property being bought and sold.
- A detailed list of all chattels included in the sale.
- A clause specifying the exact moving date for the buyer.
- A separate agreement for the sale of any appliances.
Correct answer: A clear description of the property being bought and sold.
Explanation: For an Agreement of Purchase and Sale to be valid, it must clearly identify the parties involved, the subject property (legal description or municipal address), the purchase price, and the terms of payment. A clear property description is fundamental to identifying the subject matter of the contract.
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