Contract of Purchase and Sale

What is important for property insurance?

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Never underestimate the process and length of time it may take to get insurance coverage, especially if you’re buying a detached house.

In my experience, the insurance agent is most interested in anything that has to do with water: the condition of the roof, the water tanks, the pipes, the plumbing, the water sprinkler system, and any heating system that depends on water. The condition of the wood-burning fireplace and everything connected to it is the second biggest concern for the insurance agent.

How do I know there were multiple offers?

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With limited supply and increasing house prices, multiple offer situations are becoming more prevalent, and buyers are getting frustrated with the home buying and selling process.

The following information was provided by the Real Estate Board of Greater Vancouver (REBGV). It explains why seller’s agents are required to complete the new Disclosure of Multiple Offers Presented (DMOP) form and communicate to each buyer’s agents who participated in a multiple offer situation.

Why is the completion date so important?

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It is vital that the completion date on the Contract of Purchase and Sale is adhered to, at all costs by the Buyer. Should the Buyer be at fault and the transaction does not complete as scheduled, the Seller has the option of voiding the contract. In addition, the Seller is legally allowed to keep the full amount of the deposit. There have been several attempts to have the Buyer’s deposit returned to the Buyer. Read the Deposits are Serious blog post for a full understanding.

What is the Home Buyer Rescission Period?

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The Home Buyer Rescission Period was developed by the British Columbia Financial Services Authority (BCFSA). The BCFSA is the governing body for BC real estate agents. The HBRP was implemented in response to the multiple offer situations in 2020-2022. During that frenzy, buyers were writing overpriced offers with no subjects, and then upon acceptance of their offer, regret set in as there was no “easy” way out of the transaction. The HBRP is also known as a non-negotiable, “cooling off period”.

What is the purpose of the Depreciation Report?

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2024 Update: Under B.C.’s Strata Property Act and regulations, all strata corporations with five or more strata lots must obtain depreciation reports. Strata corporations may no longer defer getting a depreciation report by holding an annual 3/4 vote. Strata Corporations must renew this report every 5 years. This is now a legal requirement.