Ridout Barron


What to include when writing an offer to purchase real estate

Purchasing a home is typically an exciting endeavour for anyone. However, people in Alberta should not let the excitement cause them to lose sight of the importance of a well-written purchase offer for real estate. Such a proposal must contain the value of the offer along with the amount available for a deposit. The next step would be to list the terms and conditions of the purchase offer.

Terms are details to which buyers and sellers agree, and they are usually negotiable. Terms include the date on which the new owner will take possession of the real estate along with exclusions and inclusions. Unattached items such as furniture and curtains are typically excluded from the purchase, but goods that cannot be removed without damaging the property are usually included. An example of an attached item is a security system. The terms could include a prepossession inspection to verify that no damage occurred since the date of the offer.

Conditions to include in the purchase offer will depend on the nature of the property. It could consist of a home inspection, a condominium review or a water and soil test if applicable. It makes sense to have expiration dates allocated to all the conditions, and also to have an expiration date for the acceptance or rejection of the purchase offer.

The contents of an offer to purchase real estate can make or break a deal, and most people in Alberta choose to utilize the skills of an experienced real estate lawyer. Legal counsel can provide support and guidance to ensure the client makes informed decisions when it comes to the offered purchase amount and the deposit. A lawyer can also make sure that all the necessary terms and conditions are included in the purchase offer.

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Ridout Barron

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