FOLA endorses standardized residential real estate closing documents
Recently, the Working Group on Lawyers and Real Estate undertook the review of five residential real estate closing documents designed to be used in conjunction with the Agreement of Purchase and Sale (APS) approved by the Ontario Real Estate Association (OREA).
These documents, which have been successfully used in several Ontario municipalities, have been amended to standardize wording, eliminate repetition, and align the vendor and purchaser obligations with those set out under the terms of the APS.
The Federation of Ontario Law Associations (FOLA) has endorsed the use of the set of standardized documents. Please visit www.fola.ca/real-estate-law.html to see FOLA’s statement, the Real Estate Working Group’s rationale for the review, and to download copies of the documents.