                          INTRODUCTION
General Disclaimer and Caution to User:

These clauses have been developed for the use of members in drafting Agreements 
of Purchase and Sale.  The clauses which are contained herein are provided 
solely for the purpose of guidance and do not in any way constitute required 
wording.
     
TAKE NOTE THAT EVERY REAL ESTATE TRANSACTION IS UNIQUE AND THE TORONTO REAL 
ESTATE BOARD DOES NOT WARRANT AND IS NOT RESPONSIBLE IN ANY WAY FOR THE 
ADEQUACY SUFFICIENCY APPLICABILITY ACCURACY OR SUITABILITY OF ANY OF THE 
CLAUSES OR PROVISIONS HEREINAFTER SET OUT.  FURTHER THE TORONTO REAL ESTATE 
BOARD ASSUMES NO LIABILITY FOR THE UTILIZATION OF ANY OF THE CLAUSES OR 
PROVISIONS HEREINAFTER SET OUT.

The real estate professional is encouraged to seek expert advice in the drafting 
of agreements.

Important Instructions to Users:

(a)  Typed Supersedes Printed:  Any clauses added to the body of the Offer will 
supersede any information in the preprinted form.  Care must therefore be 
taken with any inclusions.  (See Freehold-Form 001 Clause 21 or Condo-Form 003 
Clause 25.)

As an example work orders are covered (Freehold Form-001 Clause 8 or 
Condo-Form 003 Clause 9).  If improperly added to a condominium offer you 
could put a Vendor in a position where he would be responsible for discharging 
work orders on the entire complex.

(b)  Condition Precedent/Subsequent:  All clauses are shown in condition 
precedent.  The format is consistent with recommended structure and wordings 
provided in the Licensing Programmes for the Province of Ontario.  Procedures 
for conversion to condition subsequent are found in the licensing text "Real 
Estate as a Professional Career (Phase 3)".

(c)  Conditions versus Warranties/Representations:  The decision to utilize a 
condition warranty or other representation will depend largely on 
circumstances.  The vast majority of clauses are presented in "condition" format
 however various warranty examples have been included.  The reader should note 
that most warranties included in the handbook are made "to the best knowledge 
and belief" survive the closing and do not extend beyond the current 
transaction.  Many variations exist in the marketplace and caution is advised 
when using warranties and representations.  A limited number of such clauses has 
been included for information purposes only. 

(d)  Alternative Wordings:  In select instances alternative wordings are 
provided for the same general topic area (i.e. road access to a recreational 
property might address rights of way unregistered easements public road access
 privately maintained road etc.).  Users should carefully read all 
possibilities and revise as required to meet individual circumstances.  

(e)  Capitalized Words:  The first letter of selected words has been capitalized 
for emphasis only (i.e. Purchaser Vendor Agreement of Purchase and Sale 
Lease) and should not be viewed as a required format.

(f)  Use of Pronouns:  Pronouns are indicated in the masculine gender.  This in 
no way reflects a biased opinion on the part of the Toronto Real Estate Board.  
This text should be read with all changes of gender and number as the reader may 
feel are required.                                                      04/94
