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Common Colloquial Terms → Correct Legal Terms

These are everyday phrases you will hear in conversation. Each one links you to the corresponding legal term that appears in the paperwork.

• Bully Offer (everyday term) → Pre-emptive Offer
• Offer Night / Offer Date → Irrevocable Period & Offer Presentation
• Firm Deal → Unconditional Agreement of Purchase and Sale
• Home Sale Clause → Sale of Buyer’s Property Condition
• Financing Clause → Financing Condition
• Inspection Clause → Home Inspection Condition
• MLS Contract / Listing Contract → Listing Agreement
• Deposit Cheque → Deposit Held in Trust
• Subject To (e.g., “subject to financing”) → Condition
• Walk-Away Clause → Condition / Termination Rights

Tip: if you hear a casual phrase and you are not sure what it means legally, look for the matching term in the A–Z list below or ask Chad to walk through it with you in plain language.

Agreement of Purchase and Sale (APS)
What it means: The standard written contract that sets out the agreed price, dates, conditions, and other terms for buying and selling a property. In most Ontario residential transactions, an Ontario Real Estate Association (OREA) form is used as the starting point and may be tailored by your real estate team and lawyer.
How it works: The APS becomes binding on the buyer and seller once it is accepted and any stated conditions are dealt with as set out in the document (for example, fulfilled, waived, or allowed to expire). Your rights and obligations come from the written agreement and applicable law.
Greater Sudbury example: A buyer in New Sudbury signs an APS to purchase a detached home with a 60-day closing, a financing condition, and a home inspection condition. Once those conditions are properly fulfilled, the APS governs how the rest of the deal moves to closing.
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Addendum
What it means: An additional schedule or document that is attached to and becomes part of the APS or listing agreement. It is used to add extra terms or clarify points that are not fully covered in the standard form.
Greater Sudbury example: A Chelmsford seller and buyer agree to include certain farm equipment in the sale. An addendum is attached to the APS listing exactly which items stay and under what conditions, so everyone has the same written understanding.
Related terms: Schedule, Amendment, Agreement of Purchase and Sale.
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Amendment
What it means: A signed change to an existing agreement after it has been accepted — for example, changing the closing date, price, or conditions. An amendment becomes part of the original APS.
Greater Sudbury example: A buyer purchasing a Minnow Lake home needs more time for financing approval. The buyer and seller sign an amendment extending the financing condition deadline by three business days.
Related terms: Agreement of Purchase and Sale, Extension, Condition, Closing Date.
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Agency
What it means: The legal relationship created when a brokerage represents a client in a trade in real estate. Through this relationship, the brokerage and its designated representative owe specific duties to the client, which may include loyalty, confidentiality, disclosure, and using reasonable care and skill.
Greater Sudbury example: A Valley East family signs a Seller Representation Agreement with Lake City Realty. That agreement creates an agency relationship where the brokerage and Chad must act in the seller’s best interests as described in the agreement and applicable law.
Related terms: Representation Agreement, Fiduciary Duty, Multiple Representation, TRESA.
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Breach of Contract
What it means: A situation where a party does not do something the agreement requires (for example, not closing on the scheduled date, or not providing vacant possession as promised). The consequences of a breach depend on the wording of the APS and applicable law and are usually addressed with the help of lawyers.
Greater Sudbury example: A buyer agrees to purchase a South End property but does not close on the agreed date. The parties’ lawyers review the APS and discuss possible remedies, including how the deposit should be handled and whether there may be a claim for losses.
Related terms: Default, Remedies, Damages, Specific Performance, Mutual Release.
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Bridge Financing
What it means: Short-term financing arranged with a lender to cover the gap when you buy your next home before the sale of your current home closes. It is separate from, but connected to, your main mortgage.
Greater Sudbury example: A New Sudbury couple buys a larger family home with a closing date in June, but their existing home in Garson does not close until July. Their lender sets up bridge financing so they can close on the new purchase before receiving the sale proceeds from their current home.
Related terms: Financing, Mortgage, Sale of Buyer’s Property Condition, Closing, Lender Requirements.
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Condition
What it means: A term in the APS that must be dealt with in the manner set out in the agreement (for example, fulfilled, waived, or allowed to expire) for the trade in real estate to move ahead as described. If a condition that protects a party is not met or waived as written, the APS may provide that the agreement becomes null and void and set out what happens with the deposit.
Greater Sudbury example: A buyer writing an offer on a Minnow Lake bungalow includes a five-business-day condition for financing and a home inspection. The agreement describes what happens if those conditions are not fulfilled or waived by the deadline.
Related terms: Conditional Offer, Financing Condition, Home Inspection Condition, Notice of Fulfilment, Notice of Waiver.
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Conditional Offer
What it means: An offer that includes one or more conditions. Until those conditions are dealt with as set out in the APS, the trade is not “firm.” The APS itself outlines what happens if conditions are not satisfied or waived by the stated deadlines.
Greater Sudbury example: A buyer submits a conditional offer on a Sudbury duplex with conditions for financing and reviewing the existing leases. The deal only proceeds as a firm agreement once the buyer signs the appropriate notices confirming those conditions have been addressed in the way described in the APS.
Related terms: Condition, Notice of Fulfilment, Notice of Waiver, Firm Offer, Deposit, Remedies (discussed with your lawyer).
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Counteroffer
What it means: A response to an offer that changes one or more terms (price, closing date, conditions, etc.). A counteroffer is treated as a new offer, generally bringing the previous offer to an end once it is made.
Greater Sudbury example: A buyer offers $525,000 on a Valley East home. The seller sends back a counteroffer at $540,000 with a shorter closing date, which the buyer can then accept, reject, or counter again within the new irrevocable time.
Related terms: Offer, Agreement of Purchase and Sale, Irrevocable Period, Negotiation, Multiple Offers (if more than one party is bidding).
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Deposit
What it means: Money paid by the buyer, usually to the listing brokerage, as part of an offer to show serious intent to complete the purchase. The deposit is held in the brokerage’s trust account and, if the transaction closes, is applied toward the purchase price according to the closing documents.
If the deal does not close: What happens to the deposit in that situation is determined by the APS, applicable law, and, in many cases, discussions between the parties’ lawyers. Brokerages generally require a mutual release or court order before releasing a deposit from trust.
Greater Sudbury example: A buyer offering on a home in Garson includes a $20,000 deposit, payable within 24 hours of acceptance. Lake City Realty holds the deposit in trust until closing or until the parties’ written directions and any required releases are received.
Related terms: Trust Account, Conditional Offer, Default, Remedies (discussed with your lawyer), Mutual Release.
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Default
What it means: A failure to perform an obligation under the APS (for example, not closing on the agreed date, or not providing vacant possession where promised). The legal consequences of default are determined by the agreement and applicable law and are usually handled with assistance from lawyers.
Greater Sudbury example: A buyer for a Copper Cliff property is not ready to close on the scheduled date. The lawyers for the buyer and seller discuss options, which may include extending the closing or addressing potential claims under the APS.
Related terms: Breach of Contract, Deposit, Remedies, Damages, Mutual Release, Specific Performance (in rare cases, through the courts).
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Escape Clause
What it means: A clause that allows the seller to continue showing the property and to consider other offers while a buyer’s condition (often the sale of the buyer’s current property) is in place. If another acceptable offer is received, the first buyer is given a set period (for example, 24 or 48 hours) to waive specific conditions or step aside as set out in the APS.
Greater Sudbury example: A buyer making an offer on a Valley East home includes a Sale of Buyer’s Property Condition. The seller adds an escape clause so that if a second offer comes in, the first buyer has 48 hours to firm up according to the clause in the APS.
Related terms: Sale of Buyer’s Property Condition, Conditional Offer, Firm Offer, Amendment, Multiple Offers.
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Extension
What it means: An agreement, usually made by signing an amendment, to move a date in the APS — such as a condition deadline or closing date. The extension becomes part of the original agreement.
Greater Sudbury example: A buyer purchasing a South End townhouse needs extra time for lender approval. The buyer and seller sign an amendment extending the financing condition by two business days, as documented in the extension clause.
Related terms: Amendment, Condition, Closing Date, Agreement of Purchase and Sale, Default (if dates are not met and no extension is signed).
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Fiduciary Duty
What it means: The collection of duties a brokerage and its designated representative owe to a client in an agency relationship, as described in TRESA, its regulations, and the representation agreement. These duties commonly include loyalty, confidentiality, full disclosure of relevant information, obedience to lawful instructions, and using reasonable care and skill.
Greater Sudbury example: When a Ramsey Lake seller signs a Seller Representation Agreement, Chad and his brokerage must keep the seller’s confidential information private, share relevant market data, and use their experience to help the seller make informed decisions about pricing and offers.
Related terms: Agency, Representation Agreement, Multiple Representation, TRESA, Client vs. Self-Represented Party (SRP).
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Financing Condition
What it means: A condition in the APS that allows the buyer a set period to confirm that acceptable mortgage financing is available on terms the buyer is prepared to accept. The APS sets out what must happen by the deadline and what occurs if the condition is not satisfied or waived.
Greater Sudbury example: A first-time buyer writing on a West End home includes a five-business-day financing condition so they and their lender can confirm that the mortgage, rate, and payments work for their situation before the agreement becomes firm.
Related terms: Condition, Conditional Offer, Bridge Financing, Notice of Fulfilment, Notice of Waiver, Deposit (handled according to the APS).
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Firm Offer / Firm Deal
What it means: An agreement where no conditions remain to be dealt with as described in the APS. Either the offer never had conditions, or all conditions have been properly addressed (fulfilled, waived, or expired) according to the contract, so the parties are expected to proceed to closing.
Greater Sudbury example: A buyer on a Gatchell property signs notices confirming that financing and inspection conditions have been fulfilled. At that point, the APS is treated as a firm agreement, and both sides and their lawyers prepare for closing day.
Related terms: Unconditional Agreement of Purchase and Sale, Condition, Conditional Offer, Notice of Fulfilment, Notice of Waiver, Default (if closing does not occur as agreed).
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Unconditional Agreement of Purchase and Sale
What it means: An APS where there are no outstanding conditions to be dealt with as described in the agreement. In practice, this may mean the offer never included conditions, or all conditions have already been satisfied or waived in the required form.
Greater Sudbury example: In a competitive multiple-offer situation on a South End home, a buyer submits an offer with no conditions. Once accepted, the parties are working under an unconditional APS and move directly toward closing as outlined in the agreement.
Related terms: Firm Offer, Condition, Conditional Offer, Deposit, Default (if the parties later do not close as agreed).
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Good and Marketable Title
What it means: Title to the property that a reasonable buyer and their lawyer would accept. It is generally free from significant defects, liens, or claims that would make it difficult to sell or mortgage the property. The APS describes what type of title the seller must provide.
Greater Sudbury example: A buyer purchasing a home in Hanmer relies on their lawyer to review the title search and confirm that the property can be registered in the buyer’s name with good and marketable title, subject only to permitted encumbrances listed in the APS.
Related terms: Title, Title Search, Requisition Date, Easements, Encumbrances, Title Insurance (discussed with your lawyer and lender).
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Home Inspection Condition
What it means: A condition allowing the buyer to have the property examined by a home inspector within a set time. After the inspection, the buyer may proceed, attempt to renegotiate, or follow the options set out in the condition clause if serious concerns are identified.
Greater Sudbury example: A buyer on a West End century home includes a home inspection condition to review the foundation, wiring, and roof. After the inspection report, the buyer decides, in consultation with their professionals, whether to proceed, amend the terms, or follow the condition clause as written in the APS.
Related terms: Condition, Conditional Offer, Latent Defect, Patent Defect, Amendment, Deposit (handled as set out in the APS if the condition is not fulfilled or waived).
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Irrevocable Period
What it means: The period of time during which the party making an offer or counteroffer cannot withdraw it, as stated in the document. If the offer is not accepted and communicated before the irrevocable time expires, it generally lapses according to its terms.
Greater Sudbury example: A buyer offers on a New Sudbury home with an irrevocable until 8:00 p.m. the next day. If the seller has not accepted and communicated that acceptance by then, the offer typically expires as described in the APS.
Related terms: Offer, Counteroffer, Offer Presentation, Multiple Offers, Negotiation Strategy (discussed with your real estate professional).
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Independent Legal Advice (ILA)
What it means: Advice you receive from a lawyer who is acting only for you and not for the other party or the brokerage. ILA helps ensure that you understand the nature and consequences of agreements you are signing and can be especially important in complex situations.
Greater Sudbury example: A seller in Copper Cliff is asked to sign a guarantee related to a buyer’s financing. Before proceeding, the seller meets with their own lawyer for independent legal advice to understand the risks and options.
Related terms: Representation Agreement, Multiple Representation, TRESA, Remedies, Guarantees and Indemnities (discussed with your lawyer).
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Joint Tenancy
What it means: A form of co-ownership where two or more people hold title together with a right of survivorship. If one joint tenant dies, their interest typically passes to the surviving joint tenant(s) rather than through their estate, subject to legal advice.
Greater Sudbury example: A married couple buying a Ramsey Lake home chooses to take title as joint tenants so that, if one spouse passes away, the other generally becomes the sole registered owner according to how joint tenancy works in law.
Related terms: Tenants in Common, Title, Estate Planning (discussed with your lawyer), Survivorship, Deed / Transfer of Title.
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Listing Agreement
What it means: The written agreement between a seller and the listing brokerage that authorizes the brokerage to market and offer the property for sale. It sets out the list price, term, services to be provided, commission or fees, and key disclosures and consents required under TRESA.
Greater Sudbury example: A seller in Valley East signs a Listing Agreement with Lake City Realty that describes the asking price, the length of the listing, how the property will be marketed (including MLS®), and how commission will be paid on a completed sale.
Related terms: Representation Agreement, Agency, Commission, MLS® Listing, TRESA Disclosures, Fiduciary Duty to the client seller.
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Latent Defect
What it means: A defect that is not readily visible on a reasonable inspection and may not be easily discovered by a typical buyer or home inspector (for example, certain hidden structural or moisture issues). Some serious latent defects may need to be disclosed; your lawyer can provide advice based on the specific facts.
Greater Sudbury example: After moving into a West End home, a buyer discovers concealed water damage behind basement finishes that was not apparent during showings or inspection. The buyer speaks with their lawyer about whether this may be a latent defect and what options exist.
Related terms: Patent Defect, Disclosure, Home Inspection Condition, Caveat Emptor (buyer beware), Remedies (discussed with your lawyer).
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Mutual Release
What it means: A document typically signed by the buyer, seller, and the involved brokerages to confirm that the APS is being brought to an end on agreed terms. It usually deals with how the deposit will be handled and confirms that the parties are releasing one another from future claims related to that particular agreement, subject to its wording.
Greater Sudbury example: A buyer in Garson cannot satisfy a financing condition and chooses not to waive it. The parties sign a mutual release confirming that the agreement will not proceed and setting out how the deposit held in trust will be dealt with, in accordance with the form and the law.
Related terms: Condition, Deposit, Default, Remedies, Termination of Agreement, Legal Advice (recommended before signing releases).
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Multiple Representation
What it means: A situation where a brokerage or designated representative represents more than one client with competing interests in the same trade in real estate — for example, both the buyer and the seller, or two competing buyers. TRESA and its regulations set out specific disclosure and consent requirements in these situations.
Key point: Multiple representation can only continue where the required disclosures are made and consents are obtained in the manner required, and where the brokerage is able to treat the interests of each client in an objective and impartial way as set out in the legislation and agreements.
Greater Sudbury example: A Chelmsford homeowner lists with Lake City Realty. Later, a buyer who has a Buyer Representation Agreement with the same brokerage becomes interested. Before proceeding, the brokerage provides the required multiple representation disclosures so each client can decide whether to consent or choose another option with their own advisor.\n
Related terms: Representation Agreement, Fiduciary Duty, TRESA, Independent Legal Advice (ILA), Conflicts of Interest (explained by your brokerage and lawyer).
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Notice of Fulfilment (NOF)
What it means: A written notice used to confirm that a specific condition in the APS has been satisfied as described in the agreement (for example, that financing has been arranged on terms acceptable to the buyer). The wording of the condition itself guides when and how a NOF is used.
Greater Sudbury example: A buyer on a New Sudbury semi-detached home receives a mortgage approval. The buyer’s representative submits a Notice of Fulfilment confirming that the financing condition has been satisfied in accordance with the APS.
Related terms: Condition, Conditional Offer, Notice of Waiver, Firm Offer, Deposit, Amendment (if additional changes are agreed).
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Notice of Waiver (NOW)
What it means: A written notice used when a party who benefits from a condition chooses to give up the protection of that condition, as allowed by the wording of the APS. Once a condition is properly waived, the parties are generally expected to proceed without that protection in place.
Greater Sudbury example: A buyer for a downtown Sudbury condo cannot complete a full inspection by the deadline but still wishes to proceed. After speaking with their professionals, the buyer chooses to sign a Notice of Waiver for the inspection condition, understanding the risks described in the APS.
Related terms: Condition, Notice of Fulfilment, Risk, Firm Offer, Default (if parties later do not close as agreed), Legal Advice (recommended before waiving protections).
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Offer
What it means: A signed proposal by a buyer (or sometimes a seller in a counteroffer) to buy or sell a property on specific terms. The offer becomes an Agreement of Purchase and Sale once it has been accepted and that acceptance has been communicated within the irrevocable time, in the manner described in the document.
Greater Sudbury example: A buyer submits an offer on a Garson home with a proposed price, deposit, closing date, and conditions. Once the seller signs and acceptance is properly communicated before the irrevocable time, the offer becomes the APS that guides the transaction.
Related terms: Agreement of Purchase and Sale, Irrevocable Period, Counteroffer, Conditions, Multiple Offers (if more than one offer exists).
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Offer Presentation
What it means: The process and time frame during which offers are reviewed with the seller, often at a scheduled time if multiple offers are expected. The way offers are handled must comply with TRESA, its regulations, and any instructions agreed upon with the client.
Greater Sudbury example: After a busy weekend of showings on a South End listing, Chad schedules an offer presentation at 6:00 p.m. on Monday. All offers are reviewed with the seller at that time according to the seller’s instructions and the applicable rules.
Related terms: Irrevocable Period, Multiple Offers, Pre-emptive Offer, Seller’s Written Instructions, Brokerage Policies and Procedures.
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Pre-emptive Offer (Bully Offer)
What it means: An offer submitted before the advertised offer presentation date and time, often with strong terms, in the hope that the seller will consider or accept it early. The handling of pre-emptive offers is guided by the seller’s written instructions and the brokerage’s obligations under TRESA.
Greater Sudbury example: A New Sudbury property with an offer date receives a pre-emptive offer two days early. The listing brokerage follows the seller’s previous written directions about how to deal with pre-emptive offers and explains the options to the seller at that time.
Related terms: Offer Presentation, Multiple Offers, Irrevocable Period, Seller Instructions, Brokerage Policies and Procedures, Representation Duties to the client seller.
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Power of Sale
What it means: A remedy under certain mortgages that allows the lender to sell the property when the borrower is in default, without necessarily taking full ownership through foreclosure first. Power of sale properties are typically sold “as is” with specific lender conditions and timelines.
Greater Sudbury example: A lender lists a power of sale property in the Flour Mill area after a borrower falls into long-term default. The APS includes lender schedules that set out how the sale will occur and what the buyer can and cannot expect from the seller (the lender).
Related terms: Default, Mortgage, Foreclosure (less common in Ontario), As-Is Condition, Lender’s Schedules, Legal Advice (recommended for both buyers and sellers in these situations).
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Representation Agreement
What it means: A written agreement between a client and a brokerage confirming who the brokerage will represent (buyer or seller), the services to be provided, how long the relationship will last, and how the brokerage will be compensated. Under TRESA, representation agreements must contain certain information and disclosures.
Greater Sudbury example: A family looking for a larger home in Hanmer signs a Buyer Representation Agreement with Lake City Realty so that Chad can represent their interests as clients while they search for properties, prepare offers, and negotiate terms.
Related terms: Agency, Fiduciary Duty, Listing Agreement, Multiple Representation, TRESA Disclosures, Client vs. Self-Represented Party (SRP).
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Requisition Date
What it means: The deadline in the APS by which the buyer’s lawyer must raise objections or questions about title that the seller is required or permitted to address (for example, certain liens, easements, or zoning issues). The APS sets out what may happen if concerns are not resolved by that date.
Greater Sudbury example: A buyer of a Dowling property has their lawyer review the title and zoning before the requisition date. The lawyer raises a question about an old right-of-way that needs to be clarified or resolved with the seller’s lawyer before closing.
Related terms: Title Search, Good and Marketable Title, Title Insurance, Closing, Legal Advice (provided by your own lawyer).
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Sale of Buyer’s Property Condition (SBP)
What it means: A condition that makes the transaction described in the APS dependent on the buyer selling their current property within a defined time and on terms set out in the condition. This clause is often paired with an escape clause for the seller.
Greater Sudbury example: A buyer in Garson writes an offer on a South End home that is conditional on selling their existing Garson property. The condition outlines the timing and requirements, and the seller includes an escape clause so they can consider other offers if one arrives.
Related terms: Condition, Escape Clause, Bridge Financing, Amendment, Firm Offer, Deposit (handled according to the APS and any mutual release).\n
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Specific Performance
What it means: A remedy that may be sought through the courts asking a judge to require a party to complete the contract, rather than only paying money damages. Whether specific performance is available in a given case is a legal question determined by the courts, not by the brokerage.
Greater Sudbury example: After a seller in New Sudbury decides not to close on a firm agreement, the buyer speaks with their lawyer about possible remedies, including whether to pursue an action in court that might seek specific performance or other relief.
Related terms: Breach of Contract, Default, Damages, Remedies, Mutual Release (when parties agree not to pursue claims), Legal Advice (essential for discussing litigation options).\n
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Status Certificate
What it means: A document issued for a condominium unit that summarizes the condominium corporation’s financial position, rules, by-laws, and any ongoing legal matters that it is required to disclose. Many condo offers include a condition allowing the buyer’s lawyer to review the status certificate.
Greater Sudbury example: A buyer offering on a downtown Sudbury condo includes a condition for lawyer review of the status certificate. The buyer’s lawyer looks at the document to understand the reserve fund, bylaws, and any planned special assessments before the buyer decides how to proceed.
Related terms: Status Certificate Condition, Condominium, Reserve Fund, Special Assessment, Legal Advice (provided by your lawyer), Condition, Amendment.\n
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Title
What it means: Legal ownership of the property as recorded in the Land Titles system. When a purchase closes, the buyer’s name is registered on title, subject to any registered interests (such as mortgages or easements) that the buyer has agreed to accept.
Greater Sudbury example: On closing day for a Vermilion Lake cottage, the buyer’s lawyer registers the transfer and the mortgage so that the buyers appear on title as the new owners, subject to the agreed-upon encumbrances described in the APS.
Related terms: Good and Marketable Title, Title Search, Requisition Date, Deed / Transfer, Title Insurance, Legal Advice (from your lawyer).\n
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Title Insurance
What it means: Insurance that can help protect buyers and lenders from certain title-related risks, such as some forms of fraud, errors, or undisclosed encumbrances, depending on the policy. Whether title insurance is recommended and what it covers is a discussion between you, your lawyer, and your lender.
Greater Sudbury example: A buyer closing on a South End home obtains title insurance on the advice of their lawyer and lender to provide an extra layer of protection against certain potential title issues.\n
Related terms: Title, Title Search, Requisition Date, Lawyer’s Opinion on Title, Mortgage (where lender requirements may apply).\n
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TRESA (Trust in Real Estate Services Act, 2002)
What it means: The legislation, and its associated regulations, that governs how real estate is traded in Ontario. TRESA sets out rules for representation, disclosures, advertising, conduct, and accountability for registrants, and is administered by the Real Estate Council of Ontario (RECO).
Greater Sudbury example: When Chad explains disclosure forms, representation options, and multiple representation to clients in Chelmsford or New Sudbury, he is following the requirements of TRESA, its regulations, and RECO guidance, in addition to brokerage policies.\n
Related terms: Agency, Representation Agreement, Multiple Representation, Fiduciary Duties to clients, RECO, Consumer Protection Measures.\n
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Vacant Possession
What it means: A promise in the APS that the property will be free of occupants and personal belongings (other than agreed chattels) on closing, so the buyer can take possession as described. This is particularly important if the property has tenants when the APS is signed.
Greater Sudbury example: A buyer purchasing a rental home in the Flour Mill negotiates vacant possession of the main unit on closing so they can move in. The APS sets out how and when the current tenancies will end in compliance with applicable landlord and tenant laws.\n
Related terms: Tenancy, Closing, Landlord and Tenant Law (for Ontario), Buyer Move-In Arrangements, Default (if vacant possession is not provided as agreed).\n
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Vendor Take-Back Mortgage (VTB)
What it means: An arrangement where the seller of the property agrees to lend part of the purchase price to the buyer, secured by a mortgage registered on title. The parties negotiate the interest rate, term, and repayment schedule, usually with input from their lawyers and lenders.\n
Greater Sudbury example: An investor buying a mixed-use building near downtown Sudbury negotiates a VTB with the seller for part of the price so that the purchase can move forward while traditional financing is arranged for the remainder.\n
Related terms: Mortgage, Financing, Promissory Note, Default, Remedies (discussed with your lawyer and lender), Agreement of Purchase and Sale.\n
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Waiver
What it means: A written statement used to give up a right or protection found in the APS, such as a condition that is for the benefit of one party. Whether and how a waiver may be used depends on the wording of the APS and applicable law.\n
Greater Sudbury example: A buyer of a New Sudbury bungalow decides to waive a condition related to minor repairs, preferring to proceed without that protection after speaking with their inspector and lawyer.\n
Related terms: Condition, Notice of Waiver, Risk, Firm Offer, Default, Legal Advice (strongly recommended before waiving protections).\n
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Warranty
What it means: A promise in the APS that a certain fact is true or will be true on or by closing — for example, that certain work was completed with permits, or that chattels will be in good working order. The legal effect of a breach of warranty depends on the contract wording and applicable law.\n
Greater Sudbury example: A seller of a South End home warrants that the new furnace was installed under permit. If questions arise later, the buyer’s lawyer reviews the warranty in the APS and advises on possible next steps.\n
Related terms: Representation, Condition, Latent Defect, Disclosure, Remedies (discussed with your lawyer), Home Inspection.\n
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Zoning By-law
What it means: The set of municipal rules that govern how a property may be used (for example, single-family, duplex, commercial), as well as restrictions on building size, setbacks, parking, and more. Compliance with zoning is typically reviewed by a buyer’s lawyer or other professionals.\n
Greater Sudbury example: An investor buying a duplex in the Flour Mill area asks their lawyer to confirm that the current two-unit use complies with the City of Greater Sudbury zoning by-law or is legally non-conforming in a way the buyer finds acceptable.\n
Related terms: Legal Non-Conforming Use, Requisition Date, Title Search, Minor Variance, Building Permits, Land Use Planning.\n
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