BUYING
The Offer
APS
Agreement of Purchase and Sale
Your Sales Representative will draft an Agreement of Purchase and Sale tailored to your needs, including any custom clauses. Many offers are made with conditions to ensure everything aligns before proceeding.
Financing
Financing Clause
Even with a mortgage pre-approval, your lender will require a property appraisal to confirm that the purchase price aligns with market value. Once approved, you’ll provide written notice to the Seller through a waiver or amendment before the condition expires.
Condos
Status Certificate
If you’re buying a condominium, your solicitor will review its documents to confirm the corporation’s financial health and compliance with the Condominium Act. The property management company has up to 10 days to provide the Status Certificate, typically for a fee of $100.
Home Inspection
Home Inspection Clause
A home inspection ensures the property is structurally sound and significantly defects-free. Many Buyers also opt for a termite inspection for added peace of mind.
FINTRAC
FINTRAC Compliance
Real estate transactions require a Client Information Record as per FINTRAC regulations. To verify your identity, you must present valid identification, such as a driver’s license or passport. Learn more at FINTRAC.
Dates
Important Dates
- Irrevocable Date: The time frame during which your offer remains valid, usually until midnight of the same or the following day.
- Completion Date: The agreed date for ownership transfer, also called the closing date.
- Requisition Date: The period, typically 30 days before closing, for your lawyer to resolve any title issues.
Deposit
Deposit Funds
A 5-10% deposit of the purchase price accompanies your offer and demonstrates your commitment.
F&C
Fixtures and Chattels
Fixtures are permanently attached to the property (e.g., lighting, sinks or bathtubs).
Chattels, like appliances or furniture, are not automatically included and must be specified in your offer. If in doubt, list the items you wish to include.