Ontario Purchase and Sale Agreement
Of course, this Agreement may be modified to reflect specific requests, provided that Buyer and Seller agree to such changes. The offer price is the amount that the buyer offers to the seller for the property. Prices may vary depending on the property, location and competition in the market. The amount of the down payment is usually between 2% and 5% of the purchase price and is managed in trust by the listing real estate agent. For those who plan to pursue a private sale, you should always submit some form of purchase and sale contract document. Considering that it probably won`t be a real estate agent filling out the form, if you`re selling privately, the process can be done by yourself or through your real estate lawyer. If the offer to purchase the property is not accepted by the seller before this date, it will become invalid. The date of the request, which is the period within which the buyer must examine the title and perform all other searches. It is usually set between 15 days and one month before the closing date of the transaction.
Before this date, it is the buyer`s responsibility to carry out a series of researches to ensure that there are no problems with the property. These are usually handled by the buyer`s lawyer and include things like searching for the property registered with the land registry, verifying that the property complies with zoning bylaws, and searching for pending municipal work orders. Most purchase and sale contracts are also subject to one or more conditions. These vary, but some general examples include the condition that the agreement is subject to the following: Be sure to include the items to be delivered with the property in your purchase and sale agreement.