Real-g-08

What does an offer to purchase usually include?

In Alberta, most offers to purchase are contained in a standard form prepared by the local real estate board. At a minimum, these forms will cover the following information:

• the parties, that is the names of the vendor (seller) and purchaser (buyer)
• the legal and municipal title of the property
• the purchase price, including the deposit and information about whether an existing mortgage on the property will be taken over by the purchaser or whether the purchaser will obtain a new mortgage, the payment of the outstanding balance between the deposit, the mortgage funding and the total price
• interest on any outstanding balances
• conditions (subject to's), such as the right to have the agreement looked at by the parties' lawyers, obtaining financing, satisfactory building inspection, etc.
• any items that are to be included in the purchase price such as drapes, appliances, rugs, mirrors and so on
• any information about the state of repair of the property or warranties about land use, and bylaws or, as the case may be, a statement that no warranties about the property are made
• time requirements, such as the amount of time the vendor will have to accept the offer; for the transfer of actual possession; and the date for adjustments to such things as the municipal tax account
• insurance requirements; who is responsible for insuring the property, for what time periods and for how much
• information about how to deal with default if one of the parties tries to back out of the deal
• payment of the real estate commission
• payment of GST and other taxes
• places for the signatures of the vendor and purchaser, their witnesses and the real estate agent

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March 2000

see also:

• Real Estate: Land Titles '

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