Contract of Purchase and Sale | BC Real Estate Offers Explained!

How to Buy a First Home 15 – Subject to Inspection & The Contract of Purchase and Sale

First Time Home Buyer Safety – Subject to Inspection in the Contract of Purchase and Sale!

In Episode 14, we talked about Subject to Financing and how this is a powerful way to protect a first time home buyer when it comes to financing. Today we are going to talk about the Subject to Inspection clause in the Contract of Purchase and Sale and how this can protect a new home buyer in Vancouver.

What is an Inspection When Buying a Home in Vancouver?

An Inspection or Home Inspection as they are commonly referred to in Vancouver is when the Buyer has a qualified and certified Home Inspector check over the physical condition of the property that is of interest.

In most cases the Home Inspection is done after there is an accepted offer and the Home Inspector checks the following:

  • The exterior envelope of the home (be it a condo or a house) that including, the foundation, parking garage, the roof, the walls, etc as well as the drainage systems and any out buildings or features on the grounds of the property
  • The interior of the home and all its mechanical and structural systems including plumbing, electrical, flooring, wall systems like drywall, ventilation, windows, skylights, etc

At the end of the Home Inspection, the Buyer receives and inspection report which will clearly lay out the condition of the property and any issues the property may have.

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Why do We Use Subject to Inspection?

Quite simply, a Home Inspection is designed to protect the  Continue Reading…

Vancouver First Time Buyer 13 – Contract of Purchase and Sale – Subject Clauses

Buying Your First Home Safely in Vancouver with Subject Clauses in the Contract of Purchase and Sale!

In Episode 12, we discussed the expiry time and date on the Contract and Purchase and Sale. Today we talk safety.

When it comes to buying a first home, Safety Comes First!

Subject Clauses in a Real Estate offer coupled with detailed due diligence is the best ways to ensure that a first home isn’t a hassle, money pit, leaky condo, or worse.

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What is a Subject Clause in a Real Estate Offer?  Continue Reading…

First Time Buyer Guide Vancouver 12 – Contract of Purchase & Sale – Offer Expiration

First Time Home Buyers Tips 12 Offer Expiry by Mike Stewart Realtor from Mike Stewart on Vimeo.

Contract of Purchase and Sale Explanation – Expiration of the Offer (Section 23)

In Episode 11 of the First Time Home Buyer Guide Vancouver, we discussed Included & Excluded Items.

Today, we’re going to discuss the expiration time and date of the BC Contract of Purchase and Sale.

A BC Real Estate Offer Expires?  Continue Reading…

New Buyer Advice Vancouver 11 | Contract of Purchase & Sale| Excluded & Included Items!

REBGV Contract of Purchase and Sale Explanation – Included and Excluded Items (Section 7)

In First Time Home Buyer Advice 10, we discussed Dates in a Real Estate Transaction. Today, we’re going to discuss included and excluded items.

It Comes with What?

When you buy a property in Vancouver it is possible to specify what is and is not included in the sale. Section 7 of the Contract of Purchase and Sale (See Below) is where this is laid out exactly in terms of what will be included and excluded from the sale of the property.

In the example below the Included Items are Washer/Dryer, Stove, Oven, Dishwasher, Chandelier in the Dining Room, Big Screen TV in the Living Room. There are no Excluded Items in the sample contract.

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What is Normally Included When Buying in Vancouver?  Continue Reading…

First Home Buyer Advice Vancouver 10: The Contract of Purchase and Sale – Dates

First Time Home Buyer Advice 10: Completion, Possession, and Adjustment Dates & BC’s Contract of Purchase of Sale

I am Realtor in Vancouver, BC, Canada and I have created this series of videos to help those who need help buying their first condo or house in Metro Vancouver, BC, Canada.

In Episode 9 of the First Time Home Buyers Guide for Vancouver we talked about the Deposit Section of the BC Contract of Purchase and Sale document.

Today we are going to talk about the Date sections (Section 3,4, and 5) on page 2 of the Contract of Purchase and Sale.

These Completion, Possession, and Adjustment Dates can be set at any time agreed to by the Buyer and Seller (One day after an Accepted Offer to years after).

In most cases the Completion Date comes first, and the Possession Dates and Adjustment occur the next day.

Remember! The Completion, Possession, and Adjustment Dates laid out in the Contract of Purchase and Sale only occur once all subject conditions have been removed!

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Dates on a BC Contract of Purchase & Sale  Continue Reading…

First Time Home Buyers Tips 9 | Contract of Purchase and Sale | Deposit


Deposits for Vancouver Real Estate Transactions for First Time Buyers!

In Episode 8 of the First Time Home Buyers guide we discussed Price on the Contract of Purchase and Sale. Now we’re going to talk about the Deposit.

Deposits!

A good faith Deposit is almost always offered (But not paid immediately!) when a Buyer submits an offer or Contract of Purchase and Sale to buy a residential property in Vancouver.

This deposit money is deposited and held to ensure the Buyer will go forward with the deal on the Completion Date after they have removed their subject conditions. This deposit money forms part of and is included in the purchase price.

On page 1 of 7 Section 2 on the sample offer or Contract of Purchase and Sale (see below) beneath Section 1 Price, you will find the amount of the deposit and the details on how and when it will be paid and held.

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When is a Real Estate Deposit Normally Paid In Vancouver?  Continue Reading…