Jim Williams RE/MAX LifeStyles Realty. Call 604 463 2200 for Free Market Evaluation

 

STANDARD CLAUSES FOR RESIDENTIAL, ACREAGES, AND STRATA CONTRACTS

Subject to a new first mortgage being made available to the Buyer at current rates on or before ______________________.This condition is for the sole benefit of the Buyer.

This offer is subject to the Buyer obtaining approval for fire/property insurance, satisfactory to the Buyer, by ___________. This condition is for the sole benefit of the Buyer.


Subject to the Buyer, on or before ___________, approving the Property Disclosure Statement dated ___________ with respect to the information that reasonably may adversely affect the use or value of the property. If approved, such statement will be incorporated into and form part of this contract. This condition is for the sole benefit of the Buyer.


Subject to the Buyer, on or before ___________, at the Buyer's expense, obtaining and approving an inspection report . The Seller will allow access to the property for this purpose on reasonable notice. This condition is for the sole benefit of the Buyer.


Subject to the Buyer, on or before ___________, searching and approving title to the property against the presence of any charge or other feature, whether registered or not, that reasonably may affect the property's use or value. This condition is for the sole benefit of the Buyer.The Buyer acknowledges and accepts that on Completion the Buyer will receive title containing, in addition to any encumbrance referred to in Clause 9 (TITLE) of this contract, any non-financial charge set out in the copy of the title search results which is attached to and forms part of this contract.

The seller warrants that there are no stains, holes, marks or other such damage either behind or under wall coverings, area rugs, furniture or appliances which are not either readily visible to the buyer or reasonable expected by the buyer.

Seller warrants that all appliances are in reasonable working order and will be at the time of possession and the appliances will be the same ones as viewed by the buyer.

The buyers are aware that room sizes and total square footage are approximate and should be verified by them if important.

The buyers are aware of the Property Purchase Tax of 1% on first $200000 and 2% on the balance.

 ADDITIONAL STRATA CLAUSES

 Subject to the Buyer, on or before ___________ receiving and approving the following documents with respect to information that reasonably may adversely affect the use or value of the strata lot, including any by-law, item of repair or maintenance, special levy, judgment or other liability, whether actual or potential:

(1) A current Form ''B'' Information Certificate attaching the strata corporation's rules, current budget and the developer's Rental Disclosure Statement.

(2) A copy of the registered strata plan, any amendments to the strata plan, and any resolutions dealing with changes to common property;

(3) The current by-laws and financial statements of the strata corporation, and any section to which the strata corporation lot belongs; and

(4) The minutes of any meeting held between the period from ___________ to ___________ by the strata council, and by the members in annual, extraordinary or special general meetings, and by the members or the executive of any section to which the strata lot belongs.
(4) A copy of any Engineering and /or building envelope reports, Engineers Completion Certicate and Engineers notes relating to the subject strata corporation.

Immediately upon acceptance of this offer or counter-offer, the Seller will authorize the (Seller's agent), to request, at the (Seller's) expense, complete copies of the documents listed above from the strata corporation or other source and to immediately, upon receipt, deliver the documents to the Buyer's agent.

Subject to the Buyer verifying on or before ___________ that the parking stall(s)# ,storage locker(s)# associated with the strata lot is (are) designated under the following arrangement: ___________ Property. (e.g. part of the strata lot, or limited common property, or the common property of the strata corporation.This condition is for the sole benefit of the Buyer.

The Seller will notify the Buyer before the completion date of any notice of a resolution to amend the by-laws or rules of the strata corporation, or the by-laws or rules of a section to which the strata lot belongs, or any amendment to such by-laws, that the Seller has not previously disclosed to the Buyer. The Seller will promptly deliver a copy of the relevant resolution or notice of resolution to the Buyer.

If a special levy is purposed or approved before the completion date, the Seller shall credit the Buyer with the entire portion of the special levy that the Buyer is obligated to pay under the Strata Property Act and the Seller hereby directs the Buyer's lawyer or notary public to hold back such credit from the sale proceeds and to remit it to the strata corporation

 

ADDITIONAL NEW HOME CLAUSES

It is a fundamental term of this contract that the Seller must have finished all work, and delivered to the Buyer by the Completion Date, an unconditional Municipal/City/Regional District Occupancy Certificate or other evidence satisfactory to the Buyer that construction is finished.
The Buyer and an authorized technical representative of the Seller together will conduct a walk-through inspection of the property no later than ___________ days before the Completion Date.

The Parties will, immediately after completion of the walk-through inspection, complete a deficiency list of mutually agreed upon items to be remedied by the Seller. The list will include a mutually agreed upon value of the deficiencies to be remedied. Both Parties will sign, date and retain a copy of the deficiency list.

The Seller, at the Seller's expense, will complete and/or repair the items specified on the attached deficiency list and valued at $___________. The list forms a part of this contract. The quality of work and materials used will be equal to or better than that of the surrounding construction.

The Buyer will hold back from the sale proceeds the amount specified above until all the deficiencies specified in the deficiency list are completed, and will place this holdback in the conveyance’s trust account.

Any dispute concerning completion of deficiencies and release of the holdback will be settled by arbitration under the Commercial Arbitration Act of BC.

Subject to the Buyer receiving in writing all terms of the home warranty insurance coverage to be provided including new home warranty #_______________ and approved those terms, by ___________.

This condition is for the sole benefit of the Buyer.

Upon the Buyer's approval of the terms of the warranty insurance coverage, it is a fundamental term of this contract that this warranty insurance coverage be provided.

Pursuant to the Builders Lien Act, the Buyer will hold back from the sale proceeds an amount equal to 10% of the value of the improvements for 55 days after the date of issuance of the certificate of completion or, where there is no certificate, for 55 days after the improvement or the head contract is completed, abandoned or terminated. The Buyer's lawyer or notary will place the holdback in an interest-bearing trust account with interest accruing to the benefit of the Seller. Improvements are valued at $___________.

The Buyer confirms that he or she is purchasing the property for use as a principal residence or that of a qualified relative, and hereby is entitled to the GST New Housing Rebate. The Seller and Buyer agree that the purchase price includes GST based on the Buyer assigning any applicable Rebate to the Seller, and that the price reflects the credit given by the Seller to the Buyer for this assignment. The price includes GST payable by the Seller and net of any applicable rebate. The Buyer hereby assigns the Rebate, if any, to the Seller, and agrees to sign the Rebate application and any other documents necessary to have the Rebate paid or credited to the Seller. If the Buyer is not entitled to the Rebate for any reason, he/she shall immediately remit the amount claimed to the Canada Customs and Revenue Agency, and/or indemnify the Seller for the loss of the Rebate. The Seller is relying on the Buyer's declaration of entitlement to the Rebate, and shall not be responsible if the claim is disallowed.

The Seller is to include the GST in the purchase price of the property. The Buyer will execute all documentation necessary to assign the Rebate to the Seller on Completion. The Buyer will occupy the premises.


ADDITIONAL ACREAGES CLAUSES

Subject to the Buyer, at the Buyer's expense, receiving and being satisfied with a report from ___________ concerning the quantity and quality of the water supply by ___________. This condition is for the sole benefit of the Buyer

 Subject to the Buyer, at the Buyer's expense, receiving and being satisfied with a report from ___________ concerning septic system by ___________.
This condition is for the sole benefit of the Buyer

 Subject to the Buyer receiving and approving independent professional advice concerning any limitations on the use and/or development of the property resulting from the Fish Protection Act, by ___________. This condition is for the sole benefit of the Buyer.

 Subject to Sale and Time Clause

 Subject to the Buyer entering into an unconditional agreement to sell the Buyer's property at ___________ by ___________. This condition is for the sole benefit of the Buyer.

However, the Seller may upon acceptance of another offer, deliver a written notice to the Buyer or to ___________ requiring the Buyer to remove all conditions from the contract within ___________ hours of the delivery of the notice. If the Buyer fails to remove all the conditions before the expiry of the notice period, the contract will terminate.

 

Strata Lawsuit Clause 

The Strata Complex has been repaired and is in the process of attempting to recover damages from the developer of the Strata Complex, as well as other related parties through the legal process. In event the Strata Council is successful in any recovery of the funds including gst and pst, the buyer agrees that the portion of the monies received attributable to the Unit #_______ shall be the seller. The Buyer agrees that in the event the Strata Corporation is successful in
any recovery of funds, whether through mediation, litigation, or otherwise, which is attributable to the Property (the "Recovered Funds"), the Buyer shall forthwith deliver the Recovered Funds to the Seller. The Seller
agrees that the Seller shall pay any levy assessed by the Strata Corporation in pursuit of the recovery of funds, whether through mediation, litigation,
or otherwise. The Buyer hereby authorizes the Seller to communicate and deal with the Strata Corporation and/or property manager so as to keep advised as to the status of this matter and to receive the Recovered Funds
directly from the Strata Corporation and/or property manager, if necessary. The Buyer agrees to sign any further documents authorizing such communication and dealings with the Strata Corporation and/or property manager, including the property manager's form of Indemnification and Release Agreement.

The Buyer hereby agrees to appoint the Seller as the proxyholder of the Buyer to attend and act for and on behalf of the Buyer at any meeting dealing with the recovery of funds and, without limiting the generality of
the foregoing, the Seller is authorized to vote on behalf of the Buyer at the discretion of the Seller. The Buyer agrees to sign any further documents appointing the Seller as proxy.

In the event the Buyer re-sells the Property prior to the recovery of funds,
this Agreement shall not be affected, altered or amended. The Buyer shall
ensure it makes the party to whom it sells the Property aware of this
Agreement with the Seller and that such party is bound by the terms of this
Agreement.

 

No Growth or Manufacture of Illegal Substances

The Seller represents and warrants that during the time the seller has owned the property, the use of the property and the buildings and structures thereon has not been for the growth or manufacture of any illegal substances and that to the best of the seller's knowledge and belief, the use of the property and the buildings and structures thereon has never been for the growth or manufacture of illegal substances. This warranty shall survive and not merge on the completion of this transaction.

 

Back-up Contract Clause

Subject to the Seller ceasing to be obligated in any way under the previously accepted Contract of Purchase and Sale on the subject property by ___________.

This condition is for the sole benefit of the Seller.

 

commercial clause

Subject to the buyer obtaining a Business License from the Municipality of Maple Ridge on or before _____________________
This Condition is for sole benefit of Buyer.

Subject To the buyer obtaining and being satisfied with the approvals and requirements of the department of Health on or before _____________________________. This Condition is for sole benefit of Buyer.

Subject to the buyer obtaining and being satisfied with approvals and requirements of the B.C. Liquor Control Branch on or before ___________________. This Condition is for sole benefit of Buyer.

Subject to the buyer’s accountant approving the financial Statements by ________________________.This Condition is for sole benefit of Buyer.

Subject to the buyer receiving, perusing and being satisfied with:
a) a profit loss statement showing the revenue and expenses of the business for Three Years ending not more than 120 days before signing of agreement.
b) list of assets, chattels
c) list of inventory and wholesale value
This is to be provided on or before____________________. This Condition is for sole benefit of Buyer.

The buyer is aware that if GST is payable by the buyer on the purchase price of the subject property, the buyer warrants and represents that the buyer will provide the seller with the buyers GST Number on or before completion date and that if any gst is payable by the buyer in connection with the purchase of the subject business and the seller will pay such sum directly to Revenue Canada in accordance with applicable laws and regulations.
Subject to buyer receiving and approving copy existing lease and if need be renegotiate lease agreement on or before ____________.
This Condition is for sole benefit of Buyer.

Seller agrees to a trade restriction area of a radius of 20 Km for the period of three years.

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