When an offer is made on a home and an Agreement of Purchase & Sale (APS) is signed, there will be a lot of filling out and reading of paperwork. Knowing the nuanced terms included in the APS is important. Two of the most common items within the paperwork are ‘Conditions’ and ‘Terms’.
A Condition is a clause the buyer needs to waive or fulfill by an agreed time in order for the sale to be finalized.
A Term is used to clarify what the buyer expects to be done or or included in the property.