What to Include in a Contract of Purchase and Sale for Abbotsford PropertiesDecember 17, 2020
Knowing how a Contract of Purchase and Sale works in BC can help homebuyers and sellers to avoid potential mistakes in a property transaction that could end up being costly to either party. At Sidhu & Associates Notary, we have a wealth of experience providing real estate and conveyancing services throughout the Fraser Valley, and we are always happy to help people find out what should be included in a contract of purchase and sale for Abbotsford properties.
What is a Contract of Purchase and Sale?
A contract of purchase and sale for real estate is a document outlining the terms of a property transaction. It details various factors in a legally binding way for both the buyer and the seller of the property. These contracts can be complicated, so it is important to ensure that an experienced professional reviews any contract of purchase and sale on your behalf before you sign anything.
Important Details to Include in a Contract of Purchase and Sale
If you are preparing to draw up a contract of purchase and sale or if you are reviewing one that has been written for you to sign, there are a couple of important details that you should make sure are included in the document. Some of these factors include:
Purchase Price and Deposit
It is important to explicitly specify the total amount of the transaction and the amount that the buyer will be putting down as a deposit. The deposit amount can fluctuate depending on a wide variety of factors, and a realtor will be able to help make a reasonable recommendation for what percentage of the purchase price the deposit should be.
Terms and Conditions and Included Items
The terms and conditions in a contract of purchase and sale are often called subjects. These could include conditions of financing, making a sale of a different property, changes being made to the property being sold, and much more. Items could include appliances, furniture, portable/temporary structures, plumbing and electrical fixtures, and many more items.
Completion, Possession, and Expiry Dates
It is important for a contract of purchase and sale to outline expected dates for all of the various points of the deal. The date of completion for when the deal takes effect and the time when the buyer takes possession of the property are important to note for when the transaction goes through. An expiry date for the contract is also important to include so that neither the buyer nor the seller are stuck waiting to hear back from the other party.
If you would like to find out more information about what should be included in a contract of purchase and sale for properties in Abbotsford, or to discuss your upcoming property transaction with a qualified and experienced notary public, please call the team at Sidhu & Associates Notary.