When you're ready to purchase your new home, you'll need to prepare a sales contract, which outlines the terms of the sale. Be sure you understand the terms and conditions of this contract. Once signed by yourself and the seller, this forms a legal document. If what is written on the contract regarding selling price and provisions by the seller, you have bought a home. Here's a review of the components of a contract:

Description: A legal description of the property, and the street address.
Price: The selling price.
Financial considerations: Mortgage arrangements, such as obtaining a mortgage and the specifics of the mortgage. Application to be made in X number of days.
Deposit: How much money accompanies the contract and who holds it.
Closing: When the sale is final.
Inclusions and exclusions: What is and what is not included in the sale.
Home inspection: Provisions for the service to be completed by a specified date.
Warranties: Those which are included with the home.
Possession date: When the buyers take possession of the house - before, at or after closing.
Acceptance: The date by which the seller must respond to the offer with an acceptance or a counter-offer.
Property disclosures: Notification of any conditions of the house.

Over the phone or in person? Carl will review the entire process with you.

   

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Carl Bretzlaff, RE/MAX Real Estate (Edmonton North Branch)
#102 12650 - 151 Avenue NW, Edmonton, Alberta T5X 0A1
Tel: (780)457-3777 Fax: (780)457-2194
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