Toronto Real Estate Jargon Made Simple

For many people the words, phrases and clauses used by Realtors and in everything you’re being asked to sign can be very confusing. It’s like having to learn a complete new language.

I’ve made available here a ‘plain english’ version of several of the documents that you’ll be typically encountering in the real estate process.

All of these documents have been standardized for use by members of the Toronto Real Estate Board. Some are allowed to be changed and some are not.

The first is the Agreement of Purchase and Sale. This is the document that you would complete and sign when you’re ready to make an offer on a Toronto house or condominium. There are various ‘custom’ clauses that would typically be added into the Schedule A to complete the offer before presenting it to the seller.

CLICK HERE to see the ‘plain English’ version of the Agreement of Purchase and Sale.

The second is the Buyer Agency agreement. Once you’ve decided on which Realtor you’re going to ‘hire’ to represent you in the purchase of your new home, you’ll be asked to sign this document. It authorizes that agent to represent you throughout the home buying process and look out after your best interests at all times.

CLICK HERE to see the ‘plain English’ version of the Buyer Agency contract.

The third form is the Confirmation of Cooperation And Representation. This form must be attached to every offer and signed by both parties (buyer and seller). It makes clear who is representing whom in the offer negotiations. The seller wants to know if the agent is also representing the buyer and the buyer wants to know if there is any relationship between their agent and the home owner.

CLICK HERE to see the ‘plain English’ version of the Confirmation of Cooperation and Representation.

The final form is for a house or condo seller. When someone wants to list their home on the Multiple Listing Service (MLS), they will need to sign this Listing Agreement document. The minimum listing period for the MLS system is 60 days and it could be several months long.

CLICK HERE to see the ‘plain English’ version of the Listing Agreement

Sometimes getting a bit of information makes one realize that there really is a lot to learn about the home buying and selling process. If this applies to you, would you be open to getting a bit of education on the subject?

If the answer for you is yes, please CLICK HERE to find out how you can make an educated, informed decision when you go to purchase a house or condo in Toronto.

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