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Real Estate Purchase Agreement for
THIS SALES AGREEMENT (the "Agreement") dated this ________ day of ________________, ________ (the "Execution Date")BETWEEN :
_______________(the "Seller")
-AND-
_______________(the "Buyer")
BACKGROUNDThe Seller wishes to sell a certain completed home and the Buyer wishes to purchase this completed home.IN CONSIDERATION OF and as a condition of the Seller selling the Property and the Buyer purchasing the Property and other valuable consideration, the receipt and sufficiency of which consideration is acknowledged here, the parties to this Agreement (individually the "Party" and collectively the "Parties") agree as follows:
which the Seller is unable or unwilling to remove, remedy or satisfy or obtain insurance save and except against risk of fire in favour of the Buyer and any mortgagee, (with all related costs at the expense of the Seller), and which the Buyer will not waive, this Agreement notwithstanding any intermediate acts or negotiations in respect of such objections, shall be at an end and all monies paid shall be returned without interest or deduction and the Seller shall not be liable for any costs or damages. Save as to any valid objection so made by such day and except for any objection going to the root of the title, the Buyer shall be conclusively deemed to have accepted the Seller’s title to the Property.
The Seller and the Buyer irrevocably instruct the said lawyers to Unless otherwise agreed to by the lawyers, such exchange of the Requisite Deliveries will occur in the applicable Land Titles Office or such other location agreeable to both lawyers.
The Seller's obligations under this provision are independent of any obligations of the Seller found under the heading Property Condition.
To the Buyer at:
To the Seller at:
Name: _______________Address: ______________________________Telephone: _______________Email: __________
SIGNED, SEALED AND DELIVERED in the presence of:
IN WITNESS whereof I have hereunto set my hand and seal:
____________________Witness
___________________________________
______________Date
RECEIPT
The Receipt of $____________ as earnest money in the form of __________________ is hereby acknowledged on this _______ day of ______________, _______.
Name: __________
Address: __________
Tel: ____________
Email: ____________
Signature: ____________
A Real Estate Purchase Agreement is also known as a:
A Real Estate Purchase Agreement sets out the terms of a residential property sale between a buyer and a seller.
Use LawDepot's Real Estate Purchase Agreement for private home sales in Alberta, British Columbia, or Ontario.
Potential buyers typically use a Real Estate Purchase Agreement to express interest in a residential property. With this agreement, a buyer (or the buyer's realtor) starts the purchase process with an offer for the seller to review.
After the seller reviews the offer, they can choose to accept it, deny it, negotiate a different price with the buyer, or negotiate other parts of the agreement with the buyer.
For instance, the buyer and seller could negotiate:
Essentially, the buyer and seller accept or counter terms in the Real Estate Purchase Agreement until either the agreement is voided or both parties come to a final consensus.
A Real Estate Purchase Agreement typically begins with basic information about the buyer and seller, as well as details about the residential property that is for sale.
The agreement also includes financing terms, such as:
Generally, a Real Estate Purchase Agreement only becomes a binding document once the buyer and seller agree to all of the terms and conditions in the agreement and the agreement proceeds into a sale.
Negotiations can be made between the buyer and seller to change, add, or remove terms in the agreement until both parties come to a consensus. If the buyer and seller don't wish to proceed because they don't agree, the Real Estate Purchase Agreement can be voided. The agreement can also be voided if the conditions that the buyer listed in it are not fulfilled.
For example:
Once all changes have been made to the agreement and both parties agree, some jurisdictions may also require that the agreement be notarized or witnessed in order to be valid.
In Ontario, all offers must include a time period where the offer is irrevocable. The buyer sets the irrevocable time period, and it can be as short as the buyer wants. Valid offers typically range from hours to days, depending on the buyer and the real estate laws in the jurisdiction where the property is located.
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