Writing your offer... Understand your contract!
Often we trust our Realtors and they trust you. So if you acknowledge that you understand, yet you don't? Please ask.
Common recommended clauses
Remember purchasing a home is one of the biggest investments and always put your interests first. However, they need to be relavent to the transaction itself.
Regardless of a detached ( house or duplex ) or attached ( condo or townhouse) purchase. The below queries should always be made:
- Title Search - The title of a property is held by the registered home owner. You would want to confirm that the person on title is the person selling the home. Are there any charges, liens, right of ways, covenants or utility/public authorities set? All of these can create financial liabilities, or possibility of limited control of what you can do with your property. More info: http://www.ltsa.ca/land-title/security-of-land-title
- Property Disclosure Statement - Sellers are required by common law to disclose to a buyer material latent defects about the property that are known to the seller. These defects can have financial obligations or liabilities. Bottom line, it will prepare you to know what you're getting into. More info: http://www.rebgv.org/property-disclosure-statement
- Financing - For a buyers benefit, you want to state what your financing intentions are. A first new mortgage, approval from the banks you are qualified to purchase or lawyers approval. It all depends on what you're buying and how you're buying. Don't we all want to know how much we are qualified for and how much we can go shopping with?
Again, share with you're Realtor your concerns and he/she will make sure everything will be clarified.