The standard legally binding contract used in Ontario real estate transactions, drafted on forms approved by the Ontario Real Estate Association (OREA).
It sets out the purchase price, deposit amount, included chattels and fixtures, irrevocability period, closing date, and all conditions. Once signed by both parties and all conditions are met or waived, it becomes firm and binding. Buyers should always have a real estate lawyer review the APS before signing.
Synonyms:
APS|purchase agreement|offer to purchase