When I first started working in residential real estate in Maple Ridge, British Columbia, Canada in the 1990s the most common clauses you would find in a residential contract of purchase and sale was a financing clause and in most cases an inspection clause. It is worth noting that at that time I had to hand write each clause in the contract while referring to a notebook on what should be in the clauses and I had to push hard through the carbon paper to make multiple copies.
Flash forward to today typical residential contracts of purchase and sale I create using an online database of clauses. The contract is a long document that includes in most cases clauses that are often called the Famous Five. They are the Financing clause, Inspection clause, Property Disclosure clause, Insurance clause and Title clause. But there are other important clauses that you may need in your contract to protect you in the sale or purchase of a residential property in BC. Plus there are disclosure of Agency, declaration of Citizenship and more.
Strata Sellers and Buyers take note: If you are buying a residential strata property like a townhome or apartment your contract will include a subject clause that requests a long list of additional documents like the Form B Information Certificate, Registered Strata Plan, Strata Bylaws, Strata Rules, Financial Statements, Strata Meeting Minutes, Current Insurance Coverage, Depreciation Reports, Strata Insurance and potentially more.
Important: Understanding what needs to be in a residential contract of purchase and sale and how the clauses need to be worded, what they mean and how they impact the contract is an important part of what you want your REALTOR® to understand and advise you on. The way the contract is structured to make sure it is a legally binding contract for both the buyer and sellers protection is very important.
When you are considering hiring a REALTOR® talk with the REALTOR® about how they can structure a contract for you when you are purchasing real estate and how they can help you spot errors and mistakes in a contract that is written to purchase your home. You need to make sure your REALTOR® is not only great at marketing and negotiating but also at structuring a legally binding contract.
If you would like to learn more about my real estate contract writing experience and how I serve my clients in buying and selling real estate please contact me here to book a time for an introductory free consultation.
Once we meet you get your own personal copy of the special buyers or seller guide books I created that help you become more informed about todays more complex real estate buying or selling journey. Knowledge is power.
Sincerely,
David Hennessey
REALTOR®
eXp Realty
604 626 8903
