Almost every offer will have one or more subject clauses. Typically you will have 5-10 days to satisfy yourself and remove or waive these “subject to” clauses. The ones noted below are the most common ones. I will discuss these in detail with you at the time the contract of purchase and sale is prepared.
Together we will review the title search and any charges that will remain with the
title. These would include: easements, right of ways, building schemes, mineral
rights, etc. Anything that isn't easily understood I recommend that you get your
Lawyer to review.
- Property Disclosure Statement
Together we will look for obvious deficiencies disclosed about the property.
If needed we may ask the Seller for further information and clarification.
- Mortgage Approval (if applicable)
I will send all appropriate documents to your lending institution or mortgage
broker and will work closely with them until you are fully approved and have
received approval confirmation in writing.
In the case of a house or other building, I recommend that you hire a professional
building inspector to give you objective advice as to any current of potential problems
with the property. Any major problems may be cause to negotiate the contract.
If you are mortgaging your property, the lender usually requires a survey certificate. In
many cases the Seller may have one and we will ask for this in the Contract of Purchase
and Sale. If not, it can be obtained from one of the local BC Land Surveyors at an
approximate cost of $300. Alternatively, your lawyer may recommend title insurance
which is slightly cheaper.
- Water Quality & Quantity (if applicable)
If the property is on a well, we would ask for a well log, and any water quality tests
that have been done. You may want to do your own pump test and take a water sample
to a quality control lab.
- Septic Tank and Distribution System (if applicable)
You may want to have this checked as well as having the Seller pump the tank and
prove that the system is working.
|
