Once we have found the home you would like to purchase, we need to present the vendor (the seller) with an Offer to Purchase or an Agreement of Purchase and Sale. As your home is probably your biggest investment, it would be wise to work with your real estate agent and/or a lawyer in preparing your offer. Remember that the Offer to Purchase or Agreement of Purchase and Sale is a legal document and should be carefully prepared.

Any offer or agreement will typically include:

• Your legal name, the name of the vendor and the legal civic address of the property.
• The purchase price offered.
• The chattels that will be included in the purchase price (e.g.: window coverings, appliances or a satellite dish). Whatever items in or around the home that you think are included in the sale should be specifically stated in your offer (some of you might have heard me talk about “the Cat” being included).
• The amount of deposit.
• The closing day (date you take possession of the home)–usually 30 to 60 days from the date of agreement. It can also be 90 days or longer.
• Date when the offer becomes null and void.
• Any other conditions that go with the offer, including property inspection and approval of mortgage financing.

Below I have included a sample Agreement of Purchase and Sale (and one specifically used for condo’s), which is the same as one that I would prepare or use (This is actually from the Toronto Real Estate Board, but it is the exact same in Ottawa minus the little TREB logo in the top corner). The best part about these forms is that they breakdown and explain each and every clause, from lawyer speak to English. Especially when just starting out, I always recommend that my buyers read over and become comfortable with the offer before finding the property they love. This way when the time comes you are more prepared and we can focus better on the negotions.

Agreement of Purchase and Sale

Agreement of Purchase and Sale - Condominum

The process of making an offer, receiving a counteroffer and then revising it again is not uncommon. The whole process can seem like a roller coaster ride – exciting, but stressful. It’s all part of making the deal work best for you and the vendor.

Are you thinking about buying? We can sit down and talk about the process, your options, and the market. Contact me (click here) and let me know what I can do to help!

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.