If an Offer to purchase a property includes a condition of Financing or a Home Inspection, these conditions are typically written with a duration of 5 days.  That means the Buyer has 5 days to either fulfill or waive the condition, in order to firm up the deal.  If the Buyer cannot get the required funds or if the home is discovered to have a structural issue and the Buyer does not want to continue with the purchase of the property, the Buyer can be released from the contract and... [read more]

When making an Offer to purchase a property, the Offer is submitted by the buyer (or the buyer’s agent), allowing a defined amount of time for it to be considered by the seller.  During that time, the buyer cannot alter or withdraw the Offer.  The buyer commits to uphold the agreement until the irrevocable date and time as stated in the contract. During that time, the seller can accept the Offer, reject the Offer or sign back the Offer, with adjusted terms.  If the Offer... [read more]

When making an Offer to purchase a property, the Deposit shows good faith on the Buyer’s part that they are serious and qualified to make the purchase. The Deposit amount is held in trust and applied to the purchase price of the home when the sale closes. According to the Agreement of Purchase and Sale, the Deposit can be made 1) Herewith 2) Upon Acceptance 3) As Otherwise Described in this Agreement Herewith means at the time the offer is made.  In a competitive multiple... [read more]

It is crucial for a buyer and seller to understand the difference between chattels and fixtures in a purchase and sale transaction. Buyers may not be aware of the value of an item in their new home or be surprised when an item they assumed would be included in the purchase is not. Establishing the status of chattels and fixtures in the purchase and sale agreement is essential in order to avoid any conflict. So, what is the difference between the two? Chattels are moveable possessions... [read more]

A home inspection involves an evaluation of the condition of the home's heating, central air conditioning, plumbing, electrical systems, roof, attic, floors, foundation and structure. The information gathered during a home inspection can benefit the buyer by making them familiar with the home and the condition of the components.  The location of the circuit breaker panel, furnace filter, shut off valves and pump switches are identified. If any major issues are... [read more]