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Updated May 3, 2019 by Mike Stewart PREC
So you’re ready to write an offer and your Realtor has had you read and sign several real estate disclosures as we discussed in Episode 6 First Time Home Buyers Advice.
Thinking of Buying?
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A Real Estate Offer is a Contract of Purchase and Sale in BC?
Yes! In British Columbia, a Real Estate Offer is officially referred to as a Contract of Purchase and Sale. The sample offer or Contract of Purchase and Sale BELOW is a generally a 4 to 8+ page document and has three main uses:
- Communication – The Contract of Purchase and Sale is a written proposal that allows a Buyer to communicate clearly to the Seller how much the Buyer is willing to pay for the property and when the Buyer will pay, the amount of the Buyers deposit and when its payable, what is included with the property, what kind of due diligence and other checks on the property the Buyer wants to make, and anything else the Buyer wants to offer or get from the Seller. (More detailed discussion of this to come!) When the Seller receives the Offer or Contract of Purchase, the Seller then has an opportunity to clearly communicate to the Buyer what the Sellers wants in the offer by working with the Sellers Agents making changes or accepting the offer and sending it.
- Property Ownership Transfer Document – When Buyer and Seller eventually come to an agreement and both sides accept the offer in writing, this same document is used to transfer ownership of the property from Seller to Buyer.
- Reference for Disputes – The Contract of Purchase and Sale will also be used as a reference should there be any disputes, disagreements, or confusion about the sale of the property or the condition of the property after the sale. So remember to keep a copy of everything in writing!
Please Note – The Contract of Purchase and Sale or Offer document is quite detailed, so for ease of understanding, I have broken down the sections over the next few video posts to explain each section in detail. I have also included a very general version of the contract, you should see different clauses and subjects in the Addendum of the offer depending on the type of property you are buying and the situation surrounding the purchase.
Let me know if you have any questions!
Check out for First Time Home Buyers Advice 8: Purchase Price in a Real Estate Offer