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 board of the Greater Vancouver Realtors (GVR). 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 agent 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 (HBRP)?

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Consider the Home Buyer Rescission Period to be a period for cooling off. This was implemented in response to the multiple offer situations during the COVID frenzy. At that time, buyers were writing overpriced offers with no subject conditions, and then, upon acceptance of their offer, regret set in as there was no easy way out of the transaction.

Now, the buyer, with regret, has 3 business days after a subject-free offer is accepted to decide whether to rescind or not. Should the buyer rescind their offer, there’s a financial penalty due to the seller of 0.25% of the accepted price.

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.