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

Real Estate News - October 2017 Sales exceed historical expectations!

Posted on Nov 06, 2017


The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,022 in October 2017, a 35.3 per cent increase from the 2,233 sales recorded in October 2016, and an increase of 7.1 per cent compared to September 2017 when 2,821 homes sold.Last month’s sales were 15 per cent above the 10-year Octobe...

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Posted on Oct 02, 2017

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Posted on Sep 29, 2017

What Defines a Luxury Home?. Is it price?. Is it location? 

According to data from Christie’s International Real Estate, the average starting price of a luxury home worldwide is $2.1 million, a slight decrease from $2.2 million last year. But prices vary greatly by region: Some of the lowest entry prices were $750,000 in both Los Cabos, Mexico, and P...

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Vancouver International Film Festival 2017

Posted on Sep 27, 2017



#morereasonstolivehere . If you love film... Who doesn't?. If you love originality....Check out our very own Vancouver International film festival. The 2017 Vancouver International Film Festival starts tomorrow. That means hundreds of films from all over the world are coming to Vancouver theatres Sept 28-Oct 13. And there’s a special spotlight on B...

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Port Moody Events - September 2017

Posted on Sep 25, 2017

Culture Days

Culture Days is a collaborative Canada-wide, volunteer movement to raise the awareness, accessibility, participation and engagement of all Canadians in the arts and cultural life of their communities.
Every year, on the Culture Days weekend, thousands of artists, individuals, organizations and communities offer free, hands-on, interactiv...

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Styling your Home - Not Staging.

Posted on Sep 12, 2017

Staging suggests a home devoid of personality and charm which is what most home stagers recommend.

Styling your home creates an atmosphere that will get the buyer emotionally attached and have them thinking about your home long after the showing.
You want the buyers to picture themselves living there. You want them to feel a connection to the home. H...

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Office Info

AHOM Realty Group

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

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