Humber/Ontario Real Estate Course 4 Exam Practice

What should an agreement of purchase and sale include regarding fixtures and chattels?

1. A detailed list of included fixtures.

2. A stipulation for visual inspections.

3. A list of negotiable chattels.

4. A deadline for finalizing included items.

5. A clause for dispute resolution over items.

6. A checklist for moveable property.

The correct answer is: A detailed list of included fixtures.

An agreement of purchase and sale must clearly outline the included fixtures to avoid any misunderstandings between the buyer and seller. Fixtures are items that are permanently attached to the property, such as light fixtures, built-in appliances, or cabinetry. By including a detailed list of fixtures in the agreement, both parties have a clear understanding of what is being sold with the property, which is crucial for a smooth transaction. This clarity helps prevent disputes that may arise after the sale regarding items that the buyer expected to receive but the seller assumed were to be excluded. Including specifics about fixtures establishes the expectations of both parties, ensuring that there is no confusion at the time of closing or upon moving into the property.