May 2026 Forms Updates

March 31, 2026

The Commission Board of Directors has approved forms changes as recommended by the Forms Committee, effective May 1, 2026.  

The forms being updated include: 

• Form 400: Agreement of Purchase and Sale
• Form 402: Resale Condominium Schedule
• Form 403: Agreement of Purchase and Sale for New Construction
• Form 404: Vacant Land Schedule
• Form 406: Mini/Mobile Home Schedule (to be renamed Mini/Mobile/Manufactured Home and/or Leased Land Community Schedule)
• Form 407: Multi-Unit Residential Income Property Schedule
• Form 431: Water and Septic Schedule

Until April 30, 2026, licensees must continue using the current versions of the forms. Effective May 1, 2026, the current forms will be discontinued and only the new forms may be used. Licensees are required to review and familiarize themselves with the revised forms in advance.

To review the new forms coming into effect in May, click HERE. These watermarked versions are only for education of licensees and consumers before they are implemented. The Commission’s website pages with password protected non-member versions and watermarked versions for consumer information will be updated for May. The Commission has also provided updated versions to NSAR. 

To see marked up versions of the changes, click HERE.

Communicate With Clients

Licensees must protect their client's interests by having conversations with their clients about the upcoming changes, the differences between the current and new version, and how they might affect their transaction if it is near or overlapping May 1. Depending on the sophistication and previous experience they have, whether they are buying or selling, what stage they are at in the process, and/or the type of property, the conversations may include, but are not limited to:

• The revised deposit clause in the APS.
• The revised property migration clause in the APS.
• The revision/clarification to seller's obligations and buyer's conditions in the APS and applicable schedules, which may include changes to the list of items to provide or waive.
• Improvements to the Mini/Mobile Home Schedule.

Transactions That Might Overlap May 1, 2026

On May 1, 2026, the new forms with updated clauses will go into effect and use of the revised forms is mandatory. Agreements of Purchase and Sale that are accepted up to and including April 30, 2026 are to be written on the current versions, and will follow the wording and conditions in those agreements. Agreements accepted before May 1 remain valid and do not to be re-signed after May 1.

There may be situations that overlap May 1. For example: an APS prepared on April 30 using the old forms and relayed to the seller with an open for acceptance date of May 3. 

Seller's Licensees: Licensees representing a seller client in this situation must advise the sellers of the May 1 forms updates, and the differences between the old APS and the new APS, including any schedule applicable to their transaction. The seller can then decide if they want to proceed using the old forms following the old process (reject, accept, not respond, or counter); or request/counter that the Agreement of Purchase and Sale be re-submitted on the new forms after they come into effect.

Once the seller has made a decision, licensees must follow the lawful instructions of their client.

At any time if a licensee receives the wrong version of a form, the licensee must advise their client and the other licensee immediately of the issue, and request/counter than the correct version be re-submitted.

Buyer's Licensees: If a buyer client wants to submit an offer on a property, they must decide if they want to proceed before May 1 using the old forms or wait until the new version comes into effect to submit their offer. The licensee must follow the lawful instructions of their client.

Changes Made by Form

Form 400: Agreement of Purchase and Sale

• Updated the check box list of attached schedules to reflect the correct name of Form 407: Multi-Unit Residential Income Property Schedule and the new name of Form 406: Mini/Mobile/Manufactured Home and/or Leased Land Community Schedule. The list was also rearranged to accommodate the new longer title of Form 406.
• Revised clauses 1.1 and 1.2 (deposit).
• Renamed clause 7 "additional conditions" to "additional provisions."
• Revised clause 9 (property migration).
• Added additional blank lines to clause 7 (additional provisions).

Form 402: Resale Condominium Schedule

• Titled the "other" lines in clauses 1.2 and 1.3 and removed an extra line in 1.2.
• Revised and separated clause 2 (documentation) into three separate clauses for greater consistency with the APS, which resulted in significant renumbering within the form. The new clauses are:
  • Clause 2 (seller's obligations): revised version of the current clause 2.1, and adds a line requiring the Seller to provide Condominium Corporation contact information and an "other" line, if needed.
  • Clause 3 (buyer's conditions): revised version of the current clause 2.2. 
  • Clause 4 (reserve fund and estoppel certificate): revised version of the current clause 2.3 and 2.4, which adds a line clarifying that deposit returns are subject to the applicable NSREC By-laws.
• Changed the word "registered" to "recorded" in the conveyance clause. 
• Formatting changes that do not impact the actual form to ensure it remains one page in length. 

Form 403: Agreement of Purchase and Sale for New Construction

• Updated the title of the Water and Septic Schedule in the list of attached schedules.
• Changes to match changes made to the standard APS:
  • Revised clauses 1.1 and 1.2 (deposit).
  • Revised clause 14 (property migration).
• Renamed clause 12 "additional conditions" to "additional provisions."
• Fixed a capitalization typo in clauses 18 and 19.

Form 404: Vacant Land Schedule

• Labeled “other” lines.
• Moved the clause on the buyer being responsible for any municipal charges required to connect municipal services from the seller's obligations section to the buyer's conditions section.
• Moved the clauses on the seller providing documents and providing the buyer access to the property for testing to the seller's obligations section. 
• Revised the seller's obligations and buyer's conditions clauses to be more consistent with the APS.
• Renamed clause 4 "additional conditions" to "additional provisions."

Form 406: Mini/Mobile/Manufactured Home and/or Leased Land Community Schedule

• Changed name from "Mini/Mobile Home Schedule" to "Mini/Mobile/Manufactured Home and/or Leased Land Community Schedule."
• Renamed clause 1 "mini/mobile home description" to "property description" 
• Updated the terms "park" or "rented pad" to "leased land community" throughout the form.
• Improved clause 1 for clarity, and to reflect that the information requested in clause 1 can be applicable to homes in leased land communities that aren't a traditional mini/mobile/manufactured home. 
• Revised the seller's obligations and buyer's conditions clauses to be more consistent with the APS and/or for clarity.
• Added the leased land community management inspection report to the list of seller's obligations and clarified the line about monthly lot fees.
• Revised the list of buyer's conditions to closer reflect the updated wording in the seller's obligations. 
• Renamed clause 4 "additional conditions" to "additional provisions."

Form 407: Multi-Unit Residential Income Property Schedule

• Renamed clause 2 "buyer's obligations" to "buyer's conditions."

Form 431: Water and Septic Schedule

• Improved clause 1.3 for clarity, including replacing "proof" with "written confirmation."
• Revised the buyer's conditions clause to be more consistent with the APS.

Double Check Your 408s

Beginning May 1, 2026, licensees should ensure that clauses referenced in Form 408 as waived correspond to the correct clause numbers, letters or terminology in the updated forms. While the process for using Form 408 has not changed, licensees should not rely on previously used clause numbers, letters or terms and must confirm that the references entered match the updated forms.

More Details on the Changes

Miscellaneous Formatting Changes
As a result of the forms revisions, new versions will be dated 05/01/2026 and when necessary, the numbering/lettering of clauses are adjusted accordingly. Spacing may change as clauses are revised, but this does not affect their intent.

Renaming Form 406: Mini/Mobile Home Schedule to Mini/Mobile/Manufactured Home and/or Leased Land Community Schedule
Form 406 will be renamed to clarify the different available purposes of this form including the different types of homes that can exist in a leased land community, and mini/mobile/manufactured homes that are on their own land. As a result, the term "park" is replaced with "leased land community" throughout the form, and references to the form name will be updated in the APSs and the By-law.

Deposit Clause

The Commission communicated to the industry on June 25, 2025, that our interpretation of ‘delivered as specified’ should be understood to mean that the deposit funds have been deposited into the brokerage’s trust account by the deadline stated in the agreement. Upon review by the forms committee and advice by legal counsel, the NSREC has approved the following revision to the deposit clause of the APS:

‘The Buyer submits _______________________________________ dollars($ ______________________________________________ CDN) on or before the _________ day of _________________, 20_________, payable to (payee): _______________________________________________________________ in trust, as a deposit to be held pending completion or termination of this Agreement and to be credited towards the purchase price on completion. Balance of purchase price to be paid on closing or as otherwise stated in this Agreement. If the deposit is not delivered as specified, the Seller shall be at liberty to terminate this Agreement. If a deposit is being paid electronically, it is deemed received when it is available for deposit to the payee’s trust account.’

The effective date of the APS with the revised deposit clause is May 1, 2026.

Based on this revision, ‘deemed received when it is available for deposit’ is understood to mean that the brokerage has received notification from their financial institution that the deposit has been sent to the brokerage’s trust account on or before the deposit due date identified in the agreement.

For example:

• If a buyer sends an e-transfer to the receiving brokerage, the funds are deemed received the day the brokerage receives an e-mail notification from Interac alerting them of the deposit and not the day the brokerage accepts the deposit into their trust account.
• For wire transfers, the funds are deemed received if the buyer or their agent provides the receiving brokerage with a payment confirmation number or code from the buyer’s financial institution prior to the deadline.

In regards to wire transfers, buyer agents must advise their clients to obtain and provide this confirmation number or code to their agent upon facilitating the wire transfer. If the receiving brokerage has not received the funds and/or been provided with a confirmation number or code by the deadline, the deposit is not deemed received.     

A reminder that if any deposit has not been received by the deadline in the APS, the receiving brokerage is to advise the seller immediately in writing and seek instruction, per the Brokerage Transaction and Trust Account Policy, section 506 (c).

As always, licensees must ensure that buyers understand the risks of sending a deposit electronically close to the deadline as there can be a delay between when the funds are sent and when the deposit actually is available for deposit in the brokerage’s trust account. Clear communication with clients and careful attention to deposit timing will help avoid unnecessary disputes and protect all parties in the transaction.
 
If either buyer or seller are disputing that the deposit was not received on time, they are to be referred to their legal counsel.

 For more information on deposits, click HERE.

"Additional Conditions" Renamed to "Additional Provisions"
Clause sections titled "additional conditions" were renamed to "additional provisions" as necessary for consistency and to reflect a more general term because not all clauses added to this section are necessairly a condition.

Revised Property Migration Clause
Simplified the clause by removing the migration checkboxes, replacing them with a simpler clause that states if migration to the Land Registration System is required, the Seller must complete it at their expense at least seven (7) days before closing. The standard APS also has revised clarification that the clause does not apply to leased land communities.

Improvements/Revisions to Seller's Obligations and Buyer's Conditions
The process of seller's obligations and buyer's conditions includes three steps:

1. The Seller must provide the Buyer with a list of required documents or information before a specified deadline.

2. At the Buyer’s expense, the Buyer must secure, conduct, or review their own list of items before a specified deadline.

3. If satisfied before the deadline, the Buyer provides the Seller or the Seller’s agent with Form 408 confirming the conditions are satisfied and waiving the clause.

The process is outlined in Form 400: Agreement of Purchase and Sale, Form 403: Agreement of Purchase and Sale for New Construction and five different schedules (forms 402, 404, 406, 407 and 431.) Within the APS, step 1 is included within the "seller's obligations" clause, and steps 2 and 3 within the "buyer's conditions" clause.  

The primary reason these forms were updated was to address inconsistent formatting and terminology, and to ensure schedules more clearly reflect the three core steps. While not every form could reflect the exact same language throughout these clauses, the APS forms were used as the standard and the remaining schedules were updated accordingly. Depending on the form, changes included:

• Ensuring that all three steps are clearly reflected, ordered properly, under the correct  seller's obligations or buyer's conditions sections, and consistent whenever possible.
• Consistent placement and reference of dates.
• The list of items within the seller's obligations and buyer's conditions are fully listed, and in some cases, new items were added, existing items were revised for clarity, and/or "other" lines were labeled.

Revisions to the forms in these areas are as follows: 

• Form 402: Resale Condominium Schedule - significant.
• Form 404: Vacant Land Schedule - modest
• Form 406: Mini/Mobile Home Schedule (to be renamed Mini/Mobile/Manufactured Home and/or Leased Land Community Schedule) - significant
• Form 407: Multi-Unit Residential Income Property Schedule - very minor
• Form 431: Water and Septic Schedule - modest

Leased Land Community - Monthly Lot Fees
The current wording in clause 2 (seller's obligations) of Form 406: Mini/Mobile/Manufactured Home and/or Leased Land Community Schedule refers to "current lot rent." The revised wording identifies confirmation of the "current monthly lot fees and monthly lot fees applicable to the buyer under the buyer's new lease."

Leased Land Community - Management Inspection Report
The leased land community management inspection report was added to the list of seller's obligations in Form 406: Mini/Mobile/Manufactured Home and/or Leased Land Community Schedule.

Condominium Corporation Contact Information
Contact information for the condominium corporation is now an item on the list of seller's obligations in the Resale Condominium Schedule, similar to the requirement that exists in Form 406 for leased land communities. 

Bulletins About These Forms Changes

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