Real Estate Contracts

October 18, 2010

When you want to purchase a property, you have your realtor draw up a contract and you put in the contract terms that you find agreeable or at least what you think the seller will find agreeable. These are negotiable terms and include things such as price, amount of deposit, dates and subject clauses. You negotiate back and forth until eventually the buyer and seller sign off on everything and you have a binding contract. The buyers have promised to do everything in their power to fulfill their obligations and the sellers have agreed to do the same. I would encourage you if you are a buyer to make sure you get everything you have asked for in the binding contract. If the contract states that you are to receive an entire strata plan, then make sure that is what you receive instead of just one page. If the contract states that you are to receive any and all consultants’ or engineers’ reports, then that is what you should receive. It doesn’t matter if the listing realtor thinks it is unnecessary. If it’s in the contract and all parties have signed off, the time for negotiating is not now. Make sure the other party honours their side of things and ensure that you do too. If we all do what we are supposed to do, we’re that much closer to having a successful transaction.

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