Understanding the Offer to Purchasre

Find out what makes up the offer to purchase.

  1. Property Description, the legal and municipal address. Also included are a list of any good included or excluded with the property.
  2. Purchase price and completion day. The offered price and the day of possession, must be a business day.
  3. General terms clarifying what is expected of the buyer and seller.
  4. Deposits, how will the deposit be handled for the transaction.
  5. Land Title, A description of what will stay and go with the title.
  6. Representaions and Warranties, Seller will ensure there are no hidden known defects, and property conforms to the law of the land.
  7. Dower, in theccase of one married person is on title dower will be a factor if one of the souse had ever resided at the premisis even forone night.
  8. Conditions of the sale, the most common conditions are financing and home inspection. Any other condition may also be added.
  9. Attachments or additional terms. Here we can add any other item to form prt of the purchase contract.
  10. Closing Process, the details on how things will proceed for the closing. This is handled by the real estate lawyer.
  11. Insurance, the seller is responsible for loss or damages of the property up to the possession time.
  12. Remidies, the seller and buyer have the right to seek compensation for damages if the other fails to up hold there part of the contract.
  13. Notice, Explains acceptable method for communicating the purchase contract and related documents.
  14. Authorization. Who the buyer and seller's reprentative are.
  15. Confirmation of Cotract terms
  16. Legal Obligations Begin
  17. Offer, untill when is the offer open, and buyer signs off
  18. Acceptance, seller can sign off and accept offer, or reject it.

 

 

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.