Federation of Ontario Law Associations
The vast majority of residential real estate resale transactions in Ontario close pursuant to OREA Form 100, the Agreement of Purchase and Sale (“APS”), which has been in widespread use since January 1, 1996. The APS is now available to all lawyers under agreement with the Ontario Real Estate Association (“OREA”).
As the rights and obligations of vendors and purchasers are now standard across Ontario under the APS, the Working Group on Lawyers and Real Estate and FOLA decided to review the standard closing documents already being used very successfully in Ottawa, Barrie, Cambridge, Hamilton, Lincoln/Welland and Windsor with a view to creating and promoting standard closing documents for all of Ontario. In drafting them, the Working Group wanted to end the repetitions found in the old forms, and delete any statements, declarations and so on that the vendor is not obligated to give under the terms of the APS. The theory is that vendors, and their lawyers, should not be delivering anything that is not required under the APS, as doing so imports liabilities that are not required by the contract. Any purchaser who wants additional statements, declarations and so on may seek to contract for them at the time the APS is negotiated.
The documents can be found at these links:
A "Rationale Document" describing why FOLA and the Working Group undertook to do this is found at this link.
At the May 2017 Plenary, FOLA unanimously passed a resolution endorsing these Standardized Closing Documents and called on all county & district law associations across Ontario to promote these as much as possible. That resolution can be found at this link.