Calling All Buyers  - Guide to a successful Home purchase 


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

LOLA ODUWOLE REAL ESTATE GROUP

BC: 2300-2850 Shaughnessy St, Port Coquitlam, BC. V3C 6K5  ONT: 236 Lake shore Boulevard E. Oakville, Ontario. L6J 1M9 , 

Phone: BC: 604.809.6317 / ONT: 289 .439.5472

sold@lolaoduwole.com

FEBRUARY GTA - Monthly Market Report

Posted on Mar 06, 2025 in Real Estate and Lifestyle


📊 February 2025 GTA Housing Market Update 🏡In February, the Greater Toronto Area (GTA) experienced a notable shift in the housing market:​
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SPRING OPENING CHECKLIST. Get your Cottage ready for the season. 

Posted on Feb 28, 2025 in Real Estate and Lifestyle

As the weather warms up, it's time to open up your cottage or cabin for another season of relaxation and outdoor fun. To make the transition seamless, follow this step-by-step checklist to ensure everything is in top shape before summer begins!

✅ Essential Spring Cottage Opening Checklist
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Posted on Feb 22, 2025 in Real Estate and Lifestyle

Finding affordable condos in Ontario can be challenging, especially in major urban centers. However, several cities and neighborhoods offer more budget-friendly options:


1. Sault Ste. Marie:
  • Average Rent: Approximately $973 per month for a one-bedroom apartment.
  • Highlights: Known for its natural beauty, including rugged coastlines and beaches, making...

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Historic Ontario Mansion at 1 Banfield Street Heading to Auction in Dubai! 

Posted on Feb 21, 2025 in Real Estate and Lifestyle

A stunning historic mansion in Ontario, located at 1 Banfield Street, is set to hit the auction block—not locally, but in Dubai! 🌍💰🏡 Rare in Canada, Popular Globally 🏡
While home auctions are common in regions like Australia and Scandinavia, they remain relatively rare in Canada. This international sale is bringing a new wave of global buyers to the...

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What determines Property Values?

Posted on Feb 20, 2025 in Real Estate and Lifestyle



📍 What Determines Property Values? 🏡💰

Ever wonder why one home is worth more than another? Here’s what affects property values:✔ Location, Location, Location 📍 – Proximity to schools, amenities & demand
✔ Recent Sales & Market Trends 📊 – What similar homes are selling for
✔ Home Size & Condition 🏠 – Upgrades, age & overall appeal
✔ Neighborhood Growth...

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The threat of U.S. tariffs looms over Canada’s housing market

Posted on Feb 14, 2025 in Real Estate and Lifestyle


The Canadian housing market finds itself at a critical juncture in 2025, as the threat of U.S. tariffs adds uncertainty to an already delicate economic environment.

According to RBC Economics, “the significant risk that tariffs pose to Canada’s economy casts a potentially dark shadow over the housing market.” With consumer confidence playing a pivo...

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Get In Touch

Lola Oduwole

Phone: BC: 604.809.6317 / ONT: 289 .439.5472

sold@lolaoduwole.com

Office Info

LOLA ODUWOLE REAL ESTATE GROUP

BC: 2300-2850 Shaughnessy St, Port Coquitlam, BC. V3C 6K5  ONT: 236 Lake shore Boulevard E. Oakville, Ontario. L6J 1M9 , 

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