Purchase Price

accompanying deposit:		$ . . . . . . . . . . . . . . . .	(usually $1,000)
balance of deposit (if any):		$ . . . . . . . . . . . . . . . .	(usually determined with lawyer)
first mortgage:		$ . . . . . . . . . . . . . . . .
second mortgage:		$ . . . . . . . . . . . . . . . .
balance of down payment:		$ . . . . . . . . . . . . . . . .
		_____________
TOTAL:		$

"Subject To" Conditions

This offer is made subject to the following conditions, any or all of which may be waived at the discretion of the Purchaser(s), by written notice to the Vendor on or before the associated expiry date:

Other Clauses
 

For an assumed mortgage (if any):
mortgagee:
amount:		$
interest rate:		_______% per annum
end of term:		_______ day of _________, ______
IP:		$ _______/month
For a new mortgage (if any):
maximum amount		$
maximum interest rate:		_____% per annum
maximum amortization:		____ years
maximum term:		____ months
maximum IP:		$ _____/month

 
Deadline For Acceptance

 

____________________	____________________	_____________
Purchaser	Witness	date
____________________	____________________	_____________
Purchaser	Witness	date
____________________	____________________	_____________
Vendor	Witness	date
____________________	____________________	_____________
Vendor	Witness	date

fixtures	If you need tools to remove it, it's a fixture and will be included in the purchase price unless specifically excluded. Anything not firmly attached to a building is a chattel and would not stay with the property unless specifically included in the purchase price. Be careful to list all major appliances and items of furniture to be included in the purchase, noting makes and model numbers where possible. As well, you may wish to include, under the "Warrantees" section of your contract, a statement guaranteeing the working condition of specific appliances.
negotiations	It is normal for an offer to go back and forth several times between purchaser and vendor before an acceptable price and terms are determined. This should always be done on paper! Here's how . . . The original offer, signed and witnessed by the purchaser(s), is presented to the vendor(s). The vendor(s) make any changes by crossing out the relevant details - price, chattels, possession date, deposit, etc., replacing them with the preferred alternatives, and initialing each amendment. Then the document is returned to the purchaser(s) for consideration. This can happen several times. Once all final changes have been initialed by all parties, you have a  SALE  (pending removal of any subject-tos, of course).  Be sure to see a lawyer.
possession date	As with the closing date, it is best to avoid the last or first day of the month - in this case to ensure availability of a moving van! In any case, DO NOT take possession of a property before the closing date, as that could leave you in a difficult situation should the condition of the property come into dispute on closing.
"subject to" conditions	Conditions are usually inserted, and waivable, at the discretion of the purchaser, and are often prefaced with a statement like "The following conditions are inserted for the benefit of, and may be waived at the sole option of, the Purchaser." Each condition must set specific objectives which the purchaser must attempt to meet in good faith, and must include a deadline for completion. NOTE: the fewer the conditions, and the shorter their deadlines, the more attractive the offer to the Vendor. Some examples: This offer is conditional on the Purchaser arranging for, and receiving within 10 days from the date of acceptance of this offer, a satisfactory professional home inspection of the property. This offer is conditional on the Purchaser arranging, within 10 business days of the date of acceptance, mortgage financing of not less than _________ thousand dollars, at an interest rate not to exceed _____% per annum, and IP payments of no more than $_____ per month. This offer is conditional on the Purchaser obtaining an unconditional agreement for the sale of his or her property, located at _____________________________ within 30 days of the date of acceptance of this offer. This offer is conditional on a review and approval by the Purchaser's lawyer, within 5 business days of the acceptance of this offer, of its form and content. If purchasing a condominium: This offer is conditional on the Vendor's providing the Purchaser(s), within 5 business days of the date of acceptance of this offer, with a satisfactory and current estoppal certificate providing information on the development's current finances and insurance and on any restrictions on the renovation or use of the subject property. NOTE: conditions may also be inserted for the benefit of the Vendor: This offer is conditional on the removal by the Purchaser(s) of all subject-to clauses within 72 hours of receiving written notice by the Vendor of an unconditional bona fide backup offer, failing which removal, this offer will become void and all deposit monies shall be returned to the Purchaser(s). This condition is inserted for the benefit of, and may be waived at the sole option of, the Vendor. This offer is conditional on the Vendor's receiving within 5 business days of the acceptance of this offer, written confirmation from the Vendor's bank that all liabilities of the Vendor relating to the existing first mortgage shall cease upon said mortgage being assumed by the Purchaser(s).