Ontario Real Estate Licensing Exam Practice · Question
Which of the following elements is legally required to form a valid and enforceable Agreement of Purchase and Sale (APS) for real estate in Ontario?
To be legally binding in Ontario, an Agreement of Purchase and Sale for real estate must be in writing and signed by all parties, as per the Statute of Frauds.
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Question: Which of the following elements is legally required to form a valid and enforceable Agreement of Purchase and Sale (APS) for real estate in Ontario?
Answer options: ✅ A written document signed by both the buyer and the seller.
- A verbal agreement confirmed by a handshake.
- An offer made by email and accepted verbally over the phone.
- A conditional offer that has not yet had its conditions fulfilled.
Correct answer: A written document signed by both the buyer and the seller.
Explanation: To be legally binding in Ontario, an Agreement of Purchase and Sale for real estate must be in writing and signed by all parties, as per the Statute of Frauds. A verbal agreement or an offer and acceptance not entirely in writing are generally not enforceable for real estate transactions.
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