Contract of Purchase and Sale

What is important for property INSURANCE?

Estimated reading time: 9 minutes

Home » Contract of Purchase and Sale

Getting insurance for a detached house takes time and requires specific documents, particularly related to water and fireplaces.
Key documents include home inspection reports, WETT certificates for wood-burning fireplaces, and details on plumbing and roofs.
A buyer should gather all necessary information in advance to avoid last-minute issues with coverage before closing.
Insurance agents prefer properties with alarm systems and water shut-off systems; these features can help secure coverage.
Inform your insurance provider about any upgrades or improvements to ensure adequate coverage for contents and property.

Estimated reading time: 3 minutes

Home » Contract of Purchase and Sale

Limited supply leads to increasing house prices and frustrated buyers in multiple offers situations.
The GVR introduced the Disclosure of Multiple Offers Presented (DMOP) form to ensure fair presentation of offers and boost buyer confidence.
The seller’s agent completes the Disclosure of Multiple Offers Presented (DMOP) form for listings with multiple offers and shares it with buyer’s agents after a decision is made.
The Disclosure of Multiple Offers Presented (DMOP) form lists the date of each received offer and the buyer’s brokerage, balancing transparency and privacy.
Buyers receive, from their realtor the completed DMOP form within one day after the seller accepts or rejects offers.

Estimated reading time: 3 minutes

Home » Contract of Purchase and Sale

The Buyer must adhere to the Completion date; failing to do so may allow the Seller to void the contract and keep the deposit.
The Completion date is officially referred to as such in the Contract of Purchase and Sale; it is not called the closing date.
If the Buyer needs an extension on the Completion date, it requires Seller approval and often incurs significant penalties.
Market drops can affect sale prices, and the Seller may pursue legal action if the Buyer does not close the sale.
Working with an experienced Whistler realtor can help navigate the complexities of the Contract of Purchase and Sale.

Estimated reading time: 5 minutes

Home » Contract of Purchase and Sale

The Home Buyer Rescission Period allows buyers a 3-day cooling-off period after accepting a subject-free offer, but it incurs a 0.25% penalty if rescinded.
Developed by BCFSA, the HBRP targets issues from the COVID real estate frenzy when buyers faced regret after making impulsive offers.
If subject conditions exist, buyers can rescind without a penalty within the 3-day period, but it’s best practice to wait until subject conditions are removed.
No rescission applies to Phase 2 properties and quarter-share properties, treating them differently in real estate transactions.
Working with an experienced realtor is crucial to navigate the complexities of rescission and ensure informed decisions.

Estimated reading time: 4 minutes

Home » Contract of Purchase and Sale

As of July 1, 2024, all strata corporations in B.C. must obtain a Depreciation Report, renewing it every 5 years.
The Depreciation Report helps project maintenance costs for 30 years and assists owners in future financial planning.
Buyers focus on whether the Contingency Reserve Fund can cover necessary repairs identified in the Depreciation Report.
Understanding the Depreciation Report involves checking the short-term financial model and ensuring alignment with strata bylaws.
A draft Depreciation Report is less reliable than a final version; assess the strata’s budget and current contributions for insights.