KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER CANADIAN (ONTARIO) LAW -

Canada, a bijural country, utilizes both common and civil law. Except for Québec, a civil law jurisdiction, the common law operates in all remaining provinces and territories. Real estate transactions conducted in Ontario are governed by laws and rules that are specific to the province. This requires buyers and sellers to remain considerate of the province’s particularities when transacting. This guide will provide a brief overview of important considerations when buying or selling property in Ontario.

I. PURCHASE AND SALE AGREEMENT -

All real estate sales in Ontario require a formal written contract between the buyer and seller in order to comply with the Statute of Frauds and must contain the elements of a binding contract including offer, acceptance, consideration, and the meeting of the minds. The purchase agreement outlines all the obligations, responsibilities, and procedures in accordance with contract law. It also must accurately identify and describe the real property being purchased and usually includes both the municipal address and the legal description.