– Confirm proper municipal address, postal code & LEGAL DESCRIPTION for correct registration at land titles.
– Review POSSESSION DAY. Avoid weekends if possible as mortgage lenders & lawyers are often not available.
– Review all CONDITIONS. Buyer’s conditions are for the benefit of the buyer, & Seller’s conditions are for the benefit of the seller. Common conditions may be financing, inspection, review of condo documents, review of mortgage verification, review of title and restrictive covenants, lawyer review & sale of a buyer’s home. A rural purchase would have a many additional conditions such as water, sewer & subdivision concerns. Rule of thumb is that for either a buyer or seller, any concerns can be dealt with by adding a condition to satisfy.
– Discuss TERMS of an Offer. Examples: having the water cistern filled, the septic tank emptied or having the carpets, furnace & ducts professionally cleaned prior to possession.
– Review the amount of the DEPOSIT and when it needs to be received & the rules around the return or keeping of it.
– Review the CHATTELS (objects that are in the house and on the property), included or excluded.
– Review security alarm contracts & if you can/must assume the contract & any additional lease agreements that may be in force for appliances, furnaces.
– Review the REAL PROPERTY REPORT section & discuss the option of TITLE INSURANCE if needed.
– Lastly. If an Offer is written subject to selling the buyers home or if you are the buyer who needs to sell their home, review the time agreed upon to allow this to happen & any potential benefits and drawbacks of this type of sale.
Best practice it to get an experienced real estate agent to help you draft & negotiate an effective Offer to ensure a smooth closing!