Buyers Package - Overview of Forms 

Contract Of Purchase and Sale 

This is the standard first page you will find on the Contract of Purchase and Sale. It contains a general description of terms you will find later in the contract.

  1. DEPOSIT - Not to be confused with your down payment, a deposit is essentially an offer of good faith to the seller that you are serious about purchasing their home – even though you still want to get a home inspection and your mortgage financing in place, before signing on the dotted line.
  2. COMPLETION - The completion date is the day that the buyer assumes title at Land Title Office. This is the day that closing costs and monies are due.
  3. ADJUSTMENT - The adjustment date is the day that the buyer assumes and is responsible for all taxes, utilities, rates, and assessments. This date is typically the same day as the possession day.
  4. POSSESSION - The possession date is the day that the buyer will have possession of the property.
    In the contract you will also have to specify a time that you will take possession, and whether you will have vacant possession or if existing tenancies will remain.
  5. TITLE-What is a title in Real Estate ?
    Title is a legal term meaning registered owner of real property. When your lawyer is preparing to transfer the title to your property, you will likely be asked who will actually own it. You may choose to list one name alone, fellow investors (a parent, for example) or, particularly in a marriage, both spouses. The issue of whose name is on the title is frequently important when one individual is putting up most or all of the money for the purchase. Title can also be held by other than individuals, such as partnerships and corporations.
  6. BUYERS COSTS 
  7. RESIDENCY - International Sellers and Buyers must disclose their Residency
  8. AGENCY DISCLOSURE - This is the section where you acknowledge who your chosen representation is. In this section, both the seller’s and buyer’s agents will be listed.
    If you are choosing to be unrepresented or have an agent perform dual agency, you will have to initial off on it and also refer to the updated Real Estate Council form acknowledging the risks of this.

The Other Pages 1-6 in this contract cover the following:
 Clauses 

Privacy Notice 

To help you sell, buy or lease real estate, REALTORS®, brokerages and real estate boards need to collect, use and disclose some of your personal information. This form provides you with information about, and obtains your consent to, such information handling practices.

BC privacy laws require that anyone collecting another person's personal information must have a reasonable purpose for doing so. This purpose must be disclosed and explicit consent must be obtained before collecting, using and sharing another person's personal information. Personal information means any identifiable information about a person, and may include his/her name, address, phone number or financial information. When it comes to real estate, personal information may also include information about someone's property (such as listing and selling price, lease rate, listing term, etc.).

D.O.R.T.S. 

The Disclosure of Representation in Trading Services is a new document as part of the June 15, 2018, changes to the Real Estate Services Act in British Columbia and a partial replacement of the previous Working with a Realtor form.
The basic idea behind Disclosure of Representation in Trading Services (DORTS) is to inform a client of a Realtor—both sellers and buyers—what their rights are in the relationship, and the duties and responsibilities the Realtor owes to their client.   


FINTRAC 

Due to the real estate sector's size, its services, and the high monetary values involved, real estate is at risk of being targeted for money laundering - as are banks and financial sectors where large transactions are common. One important way a real estate brokerage can reduce this risk is by regularly conducting an assessment to identify the factors that could expose them to this kind of crime.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Financial Transactions and Reports Analysis Centre of Canada Risk (FINTRAC) requires each real estate brokerage to conduct an assessment and documentation of risks related to money laundering and terrorist financing, as well as mitigation measures to deal with those risks, and review it at least every two years or sooner, if risk factors change.

While there are specific legal requirements of brokerages around managing the risk of money laundering, REALTORS® also have an important role to play in combatting money laundering.

The Centre assists in the detection, prevention and deterrence of money laundering and the financing of terrorist activities. FINTRAC's financial intelligence and compliance functions are a unique contribution to the safety of Canadians and the protection of the integrity of Canada's financial system.

FINTRAC acts at arm's length and is independent from the police services, law enforcement agencies and other entities to which it is authorized to disclose financial intelligence. It reports to the Minister of Finance, who is in turn accountable to Parliament for the activities of the Centre.



READ MORE ABOUT FINTRAC HERE 

Please Provide Your Buying Criteria

Lola Oduwole

AHOM Realty Group

2300-2850 Shaughnessy St  Port Coquitlam,  BC  V3C 6K5 

Phone: BC: 604.809.6317 / ONT: 289 .439.5472

lolaoduwole@yahoo.ca

The Multiple Listing Contract, Real Estate in British Columbia 

Posted on Apr 10, 2021 in SELLERS

The Listing Contract legally defines your arrangement with the brokerage and, in accordance with the Real Estate Rules, it must contain:
The Multiple Listing Contract, Real Estate in British Columbia
  •    your name and the name of the brokerage that you have chosen to work with;
  •    the address of the property you are selling;
  •    the effective date of the agreement;
  •    the date the agreement expires;
  • a general description of ser...

Read More

Unauthorized Accommodations/Secondary Suites ... Read before you Buy.  

Posted on Apr 09, 2021 in BUYERS

Mortgage Helpers. There's quite a bit of demand these days for additional income to help reduce the costs of  mortgage expenses so a lot of buyers are looking for properties with rental or Secondary suites. 
Unauthorized Accommodations/Secondary Suites ... Read before you Buy. www.lolaoduwole.com

Secondary suites provide affordable, ground-oriented rental housing and contribute to the amount and diversity of housing available in the city...

Read More

March 2021 Housing Report 

Posted on Apr 06, 2021 in Housing Market Report

"In March, residents bought and listed homes across our region at levels not seen before. This surge in activity is increasing upward pressure on prices. We’re beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months."
Taylor Biggar, REBGV Chair


Last month’s sales were 72.2 per cent above the 10-year Mar...

Read More

BayCrest Heights - Phase 2 

Posted on Apr 05, 2021 in Pre Sales

BayCrest Heights Phase 2 Summary
BayCrest Heights is a collection of nine charming 4 and 6-bedroom, single-family homes in Coquitlam’s highly sought after Burke Mountain. Carefully designed with the intention of providing sophisticated homes in an already developed community.

BayCrest Heights - Phase 2 |www.lolaoduwole.com
Modern architecture and spacious floor plans paired with luxury high-end f...

Read More

How do I figure out the best possible price for my Home?

Posted on Apr 05, 2021 in SELLERS

The process of selling a house can be quite overwhelming. Then add to this the pressure of needing to obtain the best possible price to fund your next move. How does a Realtor or Myself determine how much my home is worth?
How do I know the best possible price for my Home? | www.lolaoduwole.com

Pricing your home correctly can be the single most important factor when you're selling your house. You can also do it yourself...

Read More

Office Info

AHOM Realty Group

2300-2850 Shaughnessy St  Port Coquitlam,  BC  V3C 6K5 

Stay Connected