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  1. www.bcfsa.ca › public-resources › real-estateOffers from Buyers - BCFSA

    Your real estate licensee must advise you of all offers that are submitted on your property. Some sellers will allow buyers to submit offers whenever they want, while others prefer to ask buyers to submit offers on a specified date and time so they can all be considered at once. When you are ready to entertain offers, you and your real estate ...

  2. www.bcfsa.ca › public-resources › real-estateOffers to Sellers - BCFSA

    • Drafting of Offers
    • Home Buyer Rescission Period
    • Subject Clauses
    • Sellers’ Options in Dealing with Offers

    Once you have found the property you are interested in, a written offer to purchase must be prepared. An offer is usually recorded on a standard form entitled Contract of Purchase and Sale. You and your real estate licensee will go through the contract line by line and ensure that all the terms added to contract reflect your intentions. They will a...

    The specifics of the Home Buyer Rescission Period are set out in the Property Law Act (“PLA”) and the Home Buyer Rescission Period (“HBRP”) Regulation. The legislation comes into effect on January 3, 2023, and provides buyers with an opportunity to rescind their offer to purchase residential properties up to three days after an offer is accepted. I...

    The purpose of a subject clause (also known as a condition precedent) contained in an offer to purchase is to set out a specific condition which must be fulfilled before the sale can go through, although the contract is legally binding once it is signed by both parties. Subject clauses must be carefully and precisely worded. You would be wise to ge...

    When the seller receives your “offer to purchase,” they have four options. 1. Accept your OfferIf the seller signs your offer without making any changes, a legally binding contract has been formed. Again, legally binding means both you and the seller will be bound by the terms of the contract (subject to the rescission period) and must each perform...

  3. Jan 8, 2024 · Firm versus Conditional Offer in Real Estate: With the competitive market brought on by the pandemic, it was common to hear of bidding wars where buyers would make an offer without any conditions. This is called a firm offer. The buyer is 100 percent certain of the purchase. They do not require any conditions for a home inspection or financing.

  4. Real Estate House Buying Offer Process: Hire an experienced and skilled BC Real Estate Specialist. Educate yourself in advance, obtain all information on the property, and seek legal advice if you have questions. Consider your down-payment amount, terms, conditions, possession dates, inclusions and other contract variables.

  5. Aug 11, 2023 · Yes! In British Columbia, a real estate Offer or purchase contract or purchase agreement is officially referred to as a Contract of Purchase and Sale. The sample offer or Contract of Purchase and Sale BELOW is a generally a 4 to 8+ page document and has three main uses: Communication – The Contract of Purchase and Sale is a written proposal ...

  6. Jul 20, 2020 · See below a short procedure on purchasing a real estate in BC. 1. Buyer drafts agreement of purchase and sale (offer). 2. Seller reviews the purchase and sale agreement. 3. The seller counters the purchase agreement. 4. The buyer reviews the purchase agreement.

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  8. Fortunately, your real estate agent is there to help you review an Offer to Purchase and discuss all the details. Here are a few things you should do: • Get to know the terms – the main factors on most offers will include the price the buyer wants to pay, details about the offer and financing as well as any conditions, inclusions or exclusions the buyer wants to make contingent on the closing.

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