Although it is the buyer’s responsibility to perform due diligence regarding the property they are buying, our job is to ensure that your residential real estate sale goes smoothly and painlessly. The legal contract that governs the transaction is the Agreement of Purchase and SaleThis is the offer-to-purchase document that makes up the core of a real estate transaction. It itemizes the property being sold, when it is to be sold, at what price, and the terms and conditions of the sale and purchase of the property.. This agreement is also known as the offer that a buyer presents to the seller when looking to purchase a home. As a seller/vendor, you decide on whether or not you will accept the offer to purchase from the buyer. This agreement identifies the property that you are selling, the purchase price, and the terms and conditions of the offer, such as:
- The purchase price
- The deposit
- The closing dateThe date that is fixed for taking possession of a property and/or completing the transfer of title documents and balance of the down payment.
- Any items that may be included or excluded in the purchase price, for example: appliances, window coverings, chandeliers, etc.
- Conditions that may apply to the offer, for example: a building inspectionA technical inspection of a property by a certified home inspector (such as an engineer). The purpose of the inspection is to assess the state of the property and the building structure and advise you of existing or anticipated problems with the property that may affect your decision to purchase it., a status certificate inspectionA legal document provided by condominium corporations that attests to the physical and financial status of the corporation and a particular unit within it, a financing condition, a buyer selling their current property, confirmation of zoning, etc.
- The dates by which conditions must be waived in order for the offer to proceed.
- The date by which all title searches must be completed, etc.
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