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What does the Contract of Sale 'Spell Out?'

Here are a few additional points that the typical contract of sale will include:

Excerpts from the Contract of Purchase and Sale

RISK:
On all the buildings on the property and all other items included in the purchase and sale will be and remain at the risk of the Seller until 12:01 A.M. on the completion date. For this reason be sure that your insurance is not transferred before 12:01 A.M. on the completion date.

COMPLETION DATE:
The date at which time the title is transferred to the purchaser and funds are transferred to the vendors lawyer. The contract reads "Time shall be of the essence hereof, and unless the balance of the cash payment is paid and such formal agreement to pay the balance as may be necessary is entered into ON OR BEFORE the Completion Date, The Vendor may at the Vendor's option, terminate this contract and in such event the amount paid by the Purchaser will be ABSOLUTELY forfeited to the Vendor on account of damages, without prejudice to the vendors other remedies".

COSTS:
The purchaser will bear all costs of the conveyance and if applicable, any costs related to arranging a mortgage and the Vendor will bear the costs of clearing title.

POSSESSION:
The purchaser will have vacant possession of the Property at 12 NOON on the possession date.

INCLUDED ITEMS: According to the contract the purchase price automatically includes any buildings, improvements, fixtures, appurtenances and attachments thereto and all blinds, awnings, screen doors and windows, curtain rods, tracks and valances, fixed mirrors, fixed carpeting, plumbing, heating and air conditioning fixtures and all appurtenances and attachments thereto as viewed by the purchaser at the date of inspection. Basically, if you have to remove a nail or screw to remove it, it stays, unless specifically excluded. Also included, are items written into the listing, and the contract of purchase and sale (CofPS).  The CofPS also suggests that the property, and all included items, will be in substantially the same condition at Possession Date as when viewed by the purchaser. It also suggests that there are no representations, warranties, guarantees, promises or agreements other than those set our herein (CofPS); all of which will survive the completion of the sale.

Kent Jorgenson and Mark Lissimore Home Re/Max Kelowna   100-1553 Harvey Ave  Kelowna BC V1Y6G3 1-866-229-2219