UNDERSTANDING YOUR OFFER
The Contract •
Page one is not part of the offer - but outlines the important parts of it
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This is a legally binding document once signed by all parties
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That is why it says CONTRACT
READ & UNDERSTAND •
In real estate - everything that is agreed to must be in writing - there are no verbal agreements at the end of the day.
The Deposit
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Deposit - this is up front money that is
 part of the purchase price that is taken from your account and held in RE/MAX Vernon Trust account.
Completion •
This is the day that your money makes its way via your legal counsel to the sellers legal counsel electronically
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The Land Title is transferred into your name on this day as well.
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Want to know how? Read the document!
Possession •
This is the day you get official access to the property.
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Usually it is the day after Completion for homes, so that the Sellers know they have the funds and are actually moved out
Title •
It’s up to us to be sure in advance that we have verified that you can use the property the way you want to - in compliance with title notations, zoning and rules and regs.
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I have a copy of the title, and we will ask for more details on the charges.
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You should read them - and if you have any concerns discuss with your legal rep.
Customary Costs •
There are other costs involved in the purchase of property & this section notes what you can anticipate
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These are sometimes referred to as CLOSING COSTS
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http://pihl.ca/closing-cost-estimator/
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Let’s initial beside the Buyer costs to show we talked about this.
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Risk •
This deals with Insurance - You have to have insurance for the bank to loan you money for the purchase.
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One of our subjects is to investigate the cost of insurance
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You are buying a used home with used appliances - they should be in working order - but if they break after they are yours - that is your risk.
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Also - neighbourhoods change - so you want to research any development plans for the area.
Form of Contract •
We are using a Standard Contract of Purchase and Sale
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It is approved for use by
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the local real estate board,
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The BC Real Estate Council
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The Canadian Bar Association - BC Branch
It is designed to facilitate the purchase and sale of Freehold Residences
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Most of the boiler plate text instructs the Lawyers and Lenders
REALTOR® Interest
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If there is any REALTOR® a party to the transaction
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ownership of a property - or a purchaser
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If a REALTOR® is related to a party in the transaction and in an agency relationship
Disclosure must be made to all parties in advance of the execution of the contract.
Residency
Both the Buyer and the Seller will be required to Declare Residency as part of the Contract.
Agency Disclosure The Contract must show all the names of the REALTORS® on our Team
Chris Holm *-PREC, Brent Stevenson, Brenda Ellis & Alexander Fink
Finally •
Now we are ready to actually get into the Offer itself.
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The instructions for both legal representatives are in this document.
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Most of what is in here is boiler-plate
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We will focus on YOUR specifics
Your Contract
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It is important to read the contract before you sign it.
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Prior to signing this offer you should know that the Seller may not keep the terms of this offer confidential and they may or may not respond to the offer at all.
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The offer is based on your instructions and the subject conditions we discuss. At any time and as we review it, please feel free to ask additional questions,
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Prior to signing we can easily change terms or add additional conditions.
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Once signed, this constitutes an offer capable of acceptance and therefore has binding legal obligations, so you may also wish to consult a lawyer before we submit this offer to the Seller.