MAKING AN OFFER

You've found that perfect house! What do you do now? Your Broker or Sales Representative will prepare an Agreement of Purchase and Sale, including any custom clauses you may require. Most Buyers will make an offer provided certain conditions are met. These may include:

FINANCING
Even if you have been pre-approved for a mortgage, the property will require an appraisal to assure the lender that the price you are paying falls within accepted market value. Once your financing has been approved you are required to provide written notice to the Seller in the form of a Waiver, Notice of Fulfillment of Condition or Amendment before the expiry of the condition.

CONDOMINIUM STATUS CERTIFICATE
This condition applies only to the purchase of a condominium. It allows your solicitor to review the condominium's documents to ensure the corporation is financially sound and meets all the requirements of the Condominium Act. Under the Condominium Act, the property management company has up to 10 days to prepare the Status Certificate and charge a maximium of $100 for the service.

HOME INSPECTION
This condition provides an opportunity to have the property inspected by a qualified person who will look for any major defects in the building prior to you entering into a firm agreement. Many Buyers choose to have a termite inspection done as well.

FINTRAC
As of June 23, 2008, for every Agreement of Purchase and Sale in real estate, the Brokerage must obtain an Individual Client Information Record. This record sets out the Buyer/Seller name and address, the nature of your principal business/occupation and date of birth. You will need to show a piece of identification to confirm your identity. For example: birth certificate, driver's license, or passport. For more information go to www.fintrac.ca.