Hot Areas to Invest in Vancouver December 17, 2020 Christian Dy, Latitude West Financial…
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/Fridge/Stove/DW, Drapes/Window Coverings, Garage Door Opener, Locker
There are no Excluded Items in the sample contract.
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What is Normally Included When Buying in Vancouver?
Mostly you will see appliances and window coverings listed in Section 7 Included Items, but often specific items can also added here such as furniture, light fixtures, or any other item the Buyer may want in the property. Sellers may often add items in the excluded items section they don’t want to part with when selling the property.
Normally when people buy residential properties in Vancouver, they get the kitchen appliances (Fridge, stove, dishwasher, etc), the washer dryer, a set of keys and/or fobs, and the window coverings.
Chattels & Fixtures – Two Classes of Items When Buying a Home
When buying and selling a home, there are two classes of items within the property. Those are:
- Chattels – Personal property that is not physically attached to the property. Chattels are normally not included in the Contract of Purchase and Sale. Examples of Chattels are clothing, food, art, furniture, kitchen equipment, personal effects, etc.
- Fixtures – Objects physically attached to the property that are automatically included in the sale. Examples of a Fixture would be windows, doors, the roof, mirrors that are affixed, flooring, etc.
When buying a property in Vancouver, it is not required to list all the fixtures in Section 7. These are automatically included in the deal, BUT if there is a specific fixture that the Buyer wants included MAKE SURE TO INCLUDE IT IN SECTION 7!
As for Chattels (aside from what was mentioned above), in most cases these are not included in Section 7, BUT it is possible to include these in the contract using Section 7.
You Can Buy the Property and Some of its Contents?
In Real Estate, everything is negotiable and that includes the contents of property (Chattels such as personal effects, furniture, art, etc) you may be looking to purchase in Vancouver. Think the Sellers nice bear skin rug or organic tofu processor looks perfect where it is?
Write in “Bear Skin Rug near Fireplace in Living Room” or “Organic Tofu Processor on Counter in Kitchen” in the Included Items (Section 7) and if the Seller agrees, you will be buying a nice bear skin rug or organic tofu processor along with your property when the Completion Date occurs.
Want Something Included or Excluded in the Purchase? GET IT IN WRITING in SECTION 7!
If you’re buying a property in Vancouver and you want to make sure that certain items (Chattels) or Fixtures are included or excluded IT HAS TO BE IN WRITING in SECTION 7!
If the Seller agrees to the offer with the inclusions and exclusions in Section 7, they are bound by the contract to include or exclude the particular item or fixture.
Don’t trust a Sellers word that they will include or exclude a particular item or fixture! GET IT IN WRITING!
If you’re dealing with a non-trustworthy seller a Hold back may also be a good way to ensure the items in Section 7 are either included or excluded as per the contract.
*** PLEASE POST THE DOCUMENT HERE!! ****
Make Sure to Check out Episode 12 of the First Time Home Buyers Guide for Vancouver, where we discuss the Expiration of a Real Estate Offer!
Looking for Pre-Construction Condos in Vancouver? Check out these great videos on Off-Plan Condos in Vancouver!
Need Advice on Selling in Vancouver? Have a look at these great videos on how to Sell Your Condo in Vancouver!
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