Recommended Subjects
and Conditions...
Just some of the recommended Clauses for standard residential contracts;
1.SUBJECT to the Buyer perusing and approving an inspection report for said property, including water potability and supply testing if applicable and septic system inspection if applicable, to be performed by an inspector of the Buyer's choice and at the Buyer's expense, on or before ___________________________, 20____. Seller will allow access to property for this purpose with reasonable notice. This clause is for the sole benefit of the Buyer and may be waived or removed by the Buyer unilaterally.
2.SUBJECT to the Buyer perusing and approving a current property condition disclosure statement for said property on or before ___________________________, 20____. This clause is for the sole benefit of the Buyer and may be waived or removed by the Buyer unilaterally and at the time of removal of this clause the property condition disclosure statement will be attached and form an integral part of this contract.
3.SUBJECT to the Buyer perusing and approving a search on the state of title and being reasonably satisfied that there is nothing on title that would adversely affect their personal use and enjoyment of the property on or before __________________________, 20____. This clause is for the sole benefit of the Buyer and may be waived or removed by the Buyer unilaterally and at the time of removal of this clause the title search will be attached and form an integral part of this contract. By removing this clause, the Buyer acknowledges any/all registered non-financial encumbrance(s) and their effect(s) on the use of the property.
4.SUBJECT to the Buyer confirming that the property has all of the required permits and occupancy certificate and zoning and land use provisions satisfactory to the Buyer on or before ____________________________, 20____.
This clause is for the sole benefit of the Buyer and may be waived or removed by the Buyer unilaterally.
5.SUBJECT to the Buyer obtaining financing on terms satisfactory to the Buyer on or before __________________________, 20____. This clause is for the sole benefit of the Buyer and may be waived or removed by the Buyer unilaterally.
In consideration of $1.00 non-refundable (not to form a part of the purchase price) to be paid by the Buyer to the Seller, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Seller, the Seller agrees not to revoke their acceptance of the Buyer's offer while this Agreement remains subject to the condition precedents contained herein.
The Sellers are aware that the buyers are dependent on the proceeds of the sale of their property located at __________________________________________ in order to proceed with the completion of this contract. After all subjects have been removed and the deposit has been increased and in the event the buyers are then not able to complete this purchase, as a result of the non-completion of the sale on the Buyers property, the Buyer and Seller hereby agree that the deposit of $__________________ will be forfeited to the Seller as liquidated damages and the Buyer as well as the Buyers Agent will be released from any and all obligations under this contract. (This clause supersedes paragraph 12 of page one of this contract).
The Seller represents and warrants to the Buyer that: a) To the best of the Seller's knowledge, information and belief, the property does not contain any urea formaldehyde foam insulation, asbestos, PCB transformers, underground storage tanks or containers, hazardous, toxic or contaminated soils or materials, or archaeological, heritage or historical features: and b) The Seller is not a "non-resident" of Canada for the purposes of section 116 of the Income Tax Act (Canada).
The Buyer is satisfied with the size, measurements and other information of the dwelling(s) and/or land(s) and acknowledges that the size, measurements and other information they have received regarding the dwelling(s) and/or land(s) while thought to be accurate, is not guaranteed to be accurate, and if important to the Buyer, should not be relied upon without verification by the Buyer themselves prior to contract becoming firm.
The Buyer acknowledges reading and understanding the "Information About The Contract" on the back of page one of this Contract of Purchase and Sale.
email: info@fvhg.com
site sponsored by brian rooney - homelife/benchmark realty (88th) 20999-88 ave langley bc
Everything You Need to Know About Buying, Selling, Renovating or
Financing - Real Estate in the Fraser Valley, and Vancouver area of Canada
