Full Sample Contract Mike Stewart PREC Vancouver Realtor

CONTRACT OF PURCHASE AND SALE
INFORMATION ABOUT THIS CONTRACT
Mike Stewart PMiRkEeCStewMiarktePStReEwCart PREC
THIS INFORMATION IS INCLUDED FOR THE ASSISTANCE OF THE PARTIES ONLY. IT DOES NOT FORM PART OF THE CONTRACT AND SHOULD NOT
AFFECT THE PROPER INTERPRETATION OF ANY OF ITS TERMS.

1. CONTRACT: This document, when signed by both parties, is a legally binding contract. READ IT CAREFULLY. The parties should ensure that everything that is
agreed to is in writing.

2. DEPOSIT(S): Section 28 of the Real Estate Services Act requires that money held by a brokerage in respect of a real estate transaction for which there is an
agreement between the parties for the acquisition and disposition of the real estate be held by the brokerage as a stakeholder. The money is held for the real estate
transaction and not on behalf of one of the parties. If a party does not remove a subject clause, the brokerage requires the written agreement of both parties in order
to release the deposit. If both parties do not sign the agreement to release the deposit, then the parties will have to apply to court for a determination of the deposit
issue.

3. COMPLETION: 6HFWLRQ 8QOHVV WKH SDUWLHV DUH SUHSDUHG WR DFWXDOO\ PHHW DW WKH /DQG 7LWOH 2ႈFH DQG H[FKDQJH WLWOH GRFXPHQWV IRU WKH 3XUFKDVH 3ULFH LW LV LQ
every case, advisable for the completion of the sale to take place in the following sequence:

D 7KH %X\HU SD\V WKH 3XUFKDVH 3ULFH RU GRZQ SD\PHQW LQ WUXVW WR WKH %X\HU¶V /DZ\HU RU 1RWDU\ ZKR VKRXOG DGYLVH WKH %X\HU RI WKH H[DFW DPRXQW UHTXLUHG
several days before the Completion Date and the Buyer signs the documents.

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%X\HU¶V /DZ\HU RU 1RWDU\

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recommended that the Buyer deposits the money and the signed documents AT LEAST TWO DAYS before the Completion Date, or at the request of the
Conveyancer, and that the Seller delivers the signed transfer documents no later than the morning of the day before the Completion Date.

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a Saturday Completion Date as it will restrict their access to fewer lawyers or notaries who operate on Saturdays; lenders will generally not fund new mortgages
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4. POSSESSION: (Section 5) the Buyer should make arrangements through the real estate licensees for obtaining possession. The Seller will not generally let
the Buyer move in before the Seller has actually received the sale proceeds. Where residential tenants are involved, Buyers and Sellers should consult the
Residential Tenancy Act.

5. TITLE: 6HFWLRQ ,W LV XS WR WKH %X\HU WR VDWLVI\ WKH %X\HU RQ PDWWHUV RI ]RQLQJ RU EXLOGLQJ RU XVH UHVWULFWLRQV WR[LF RU HQYLURQPHQWDO KD]DUGV HQFURDFKPHQWV
RQ RU E\ WKH 3URSHUW\ DQG DQ\ HQFXPEUDQFHV ZKLFK DUH VWD\LQJ RQ WLWOH EHIRUH EHFRPLQJ OHJDOO\ ERXQG ,W LV XS WR WKH 6HOOHU WR VSHFLI\ LQ WKH &RQWUDFW LI WKHUH DUH
any encumbrances, other than those listed in Section 9, which are staying on title before becoming legally bound. If you as the Buyer are taking out a mortgage,
make sure that title, zoning and building restrictions are all acceptable to your mortgage company. In certain circumstances, the mortgage company could
refuse to advance funds. If you as the seller are allowing the Buyer to assume your mortgage, you may still be responsible for payment of the mortgage, unless
arrangements are made with your mortgage company.

6. CUSTOMARY COSTS: (Section 15) In particular circumstances there may be additional costs, but the following costs are applicable in most circumstances:

Costs to be Borne by the Seller Costs to be Borne by the Buyer
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7. CLOSING MATTERS 7KH FORVLQJ GRFXPHQWV UHIHUUHG WR LQ 6HFWLRQV $ DQG % RI WKLV &RQWUDFW ZLOO LQ PRVW FDVHV EH SUHSDUHG E\ WKH %X\HU¶V /DZ\HU
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8. RISK: 6HFWLRQ 7KH %X\HU VKRXOG DUUDQJH IRU LQVXUDQFH WR EH HႇHFWLYH DV RI DP WKH &RPSOHWLRQ 'DWH

9. FORM OF CONTRACT: 7KLV &RQWUDFW RI 3XUFKDVH DQG 6DOH LV GHVLJQHG SULPDULO\ IRU WKH SXUFKDVH DQG VDOH RI IUHHKROG UHVLGHQFHV ,I \RXU WUDQVDFWLRQ LQYROYHV
a house or other building under construction, a lease, a business, an assignment, other special circumstances (including the acquisition of land situated on a First
Nations reserve)

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Seller may be available.

10. REALTOR® Code, Article 11: A REALTOR® shall not buy or sell, or attempt to buy or sell an interest in property either directly or indirectly for himself or herself,
any member of his or her Immediate Family, or any entity in which the REALTOR® KDV D ¿QDQFLDO LQWHUHVW ZLWKRXW PDNLQJ WKH 5($/725®¶V SRVLWLRQ NQRZQ WR
the buyer or seller in writing. Real Estate Council Rules 5-9: If a licensee acquires, directly or indirectly, or disposes of real estate, or if the licensee assists an
associate in acquiring, directly or indirectly, or disposing of real estate, the licensee must make a disclosure in writing to the opposite party before entering into
any agreement for the acquisition or disposition of the real estate.

11. RESIDENCY: :KHQ FRPSOHWLQJ WKHLU UHVLGHQF\ DQG FLWL]HQVKLS VWDWXV WKH %X\HU DQG WKH 6HOOHU VKRXOG FRQ¿UP WKHLU UHVLGHQF\ DQG FLWL]HQVKLS VWDWXV DQG WKH WD[
LPSOLFDWLRQV WKHUHRI ZLWK WKHLU /DZ\HU $FFRXQWDQW

12. AGENCY DISCLOSURE: 6HFWLRQ DOO 'HVLJQDWHG $JHQWV /LFHQVHHV ZLWK ZKRP WKH 6HOOHU RU WKH %X\HU KDV DQ DJHQF\ UHODWLRQVKLS VKRXOG EH OLVWHG ,I
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BC2057 REV. DA FEB 2019 COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
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3. TERMS AND CONDITIONS: 7KH SXUFKDVH DQG VDOH RI WKH 3URSHUW\ LQFOXGHV WKH IROORZLQJ WHUPV DQG LV VXEMHFW WR WKH
following conditions:

Seller warrants all appliances, electrical and plumbing fixtures to be in working order on possession

The Seller will notify the Buyer before the completion date of any notice of a resolution to amend the bylaws of the
Strata Corporation, or the bylaws of a section to which the strata lot belongs, or any amendment to such bylaws, that
the Seller has not previously disclosed to the Buyer. The Seller will promptly deliver a copy of the relevant
resolution or notice of resolution to the Buyer.

Subject to the Buyer obtaining, at the Buyer's expense and being satisfied with a building inspection by a qualified
building inspector/engineer on or before April 19, 2019 at 7pm. The Seller agrees to allow the Buyer and their
Agents access to the property for the purpose of an inspection with 24 hours notice. This condition is for the sole
benefit of the Buyer.

Subject to a new first mortgage being made available to the Buyer by April 19, 2019 at 7pm, in the amount of
$250000 at an interest rate not to exceed 3% per annum calculated semiannually, not in advance, with a
25 year amortization period, 5 year term and repayable in blended payments of approximately
$2000 per month including principal and interest (plus 1/12 of the annual taxes, if required by the mortgagee).
This condition is for the sole purpose of the Buyer.

Subject to the Buyer approving on or before April 19, 2019 at 7pm:
1) A current information certificate (Form B)
2) A copy of the registered strata plan, any amendments to the strata plan and resolutions dealing with changes to
common property ,
3) The current bylaws, rules, and financial statements of the Strata Corporation and any section to which the strata
lot belongs and
4) The minutes of any meetings being held between the period from April 9, 2019,April 9, 2019 to April 19, 2019
by the Strata Council and by the members in Annual, Extraordinary or Special General Meetings and by Members
or the Executive of any section to which the strata lot belongs.
5) A copy of any Engineering Report, if applicable.
6)Copy of the Property Condition Disclosure Statement dated April 2, 2019 which will form part of this contract.
7) Copy of the current Title Search. If this condition is waived or declared fulfilled, the attached copy of the title
search result will be incorporated into and form part of this contract and the Buyer acknowledges and accepts,
despite any other provision in this contract, that upon completion the Buyer will receive title containing any non-
financial charge set out in the copy of the title search results that is attached to and forms part of this contract.
8) Strata Insurance Certificate
9) Copy of the current Depreciation Report.

Immediately upon acceptance of this offer or counter offer, the Seller will request, at the Sellers expense, complete
copies of the documents listed above from the Strata Corporation and will immediately upon receipt and in any
event no later than 2 days prior to subject removal date, noted above, deliver the documents to the buyer or the
buyer's agent. This condition is for the sole benefit of the Buyer.

In the event that any of the above documents are not received by the Buyer in the timeline stated above, subject
removal
for this subject shall automatically be extended to 3 business days after receipt of the final outstanding document.

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will be terminated thereupon and the Deposit returnable in accordance with the Real Estate Services Act.

BC2057 REV. DA FEB 2019 INITIALS

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4. COMPLETION: The sale will be completed on _M_a_y__3_0_____________________________________, yr. _2_0_1_9______

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5. POSSESSION: 7KH %X\HU ZLOO KDYH YDFDQW SRVVHVVLRQ RI WKH 3URSHUW\ DW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBP RQ

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_V_a_c_a_n_t_. ___________________________________________________________________________________________

6. ADJUSTMENTS: 7KH %X\HU ZLOO DVVXPH DQG SD\ DOO WD[HV UDWHV ORFDO LPSURYHPHQW DVVHVVPHQWV IXHO XWLOLWLHV DQG RWKHU
charges from, and including, the date set for adjustments, and all adjustments both incoming and outgoing of whatsoever

nature will be made as of _M__a_y_3_1____________________, yr. _2_0_1_9________ (Adjustment Date).

7. INCLUDED ITEMS: 7KH 3XUFKDVH 3ULFH LQFOXGHV DQ\ EXLOGLQJV LPSURYHPHQWV ¿[WXUHV DSSXUWHQDQFHV DQG DWWDFKPHQWV
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DW WKH GDWH RI LQVSHFWLRQ ,1&/8',1*

Clothes Washer/Dryer/Fridge/Stove/DW, Drapes/Window Coverings, Garage Door Opener, Locker
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BUT EXCLUDING: _________________________________________________________________________________

__________________________________________________________________________________________________

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viewed by the Buyer on _A_p_r_il_3____________________________________________ yr. _2_0_1_9______________

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including royalties, contained in the original grant or contained in any other grant or disposition from the Crown, registered or
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LI DQ\ DQG H[FHSW DV RWKHUZLVH VHW RXW KHUHLQ

10. TENDER: 7HQGHU RU SD\PHQW RI PRQLHV E\ WKH %X\HU WR WKH 6HOOHU ZLOO EH E\ FHUWL¿HG FKHTXH EDQN GUDIW FDVK RU
/DZ\HU¶V 1RWDU\¶V RU UHDO HVWDWH EURNHUDJH¶V WUXVW FKHTXH

11. DOCUMENTS: $OO GRFXPHQWV UHTXLUHG WR JLYH HႇHFW WR WKLV &RQWUDFW ZLOO EH GHOLYHUHG LQ UHJLVWUDEOH IRUP ZKHUH QHFHVVDU\ DQG
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11A. SELLER’S PARTICULARS AND RESIDENCY: The Seller shall deliver to the Buyer on or before the Completion Date
a statutory declaration of the Seller containing: (1) particulars regarding the Seller that are required to be included in the
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Contract (and the Seller hereby consents to the Buyer inserting such particulars on such return); (2) declarations regarding the
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described in the residency provisions of the Income Tax Act WKH %X\HU VKDOO EH HQWLWOHG WR KROG EDFN IURP WKH 3XUFKDVH 3ULFH
WKH DPRXQW SURYLGHG IRU XQGHU VHFWLRQ RI WKH Income Tax Act.

BC2057 REV. DA FEB 2019 INITIALS

COPYRIGHT - BC REAL ESTATE ASSOCIATION AND CANADIAN BAR ASSOCIATION (BC BRANCH)
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C. for enforcing codes of professional conduct and ethics for members of real estate boards; and
D. for the purposes (and to the recipients) described in the brochure published by the British Columbia Real Estate Association

entitled Privacy Notice and Consent.
The personal information provided by the Buyer and Seller may be stored on databases outside Canada, in which case it
would be subject to the laws of the jurisdiction in which it is located.

20. ASSIGNMENT OF REMUNERATION: 7KH %X\HU DQG WKH 6HOOHU DJUHH WKDW WKH 6HOOHU¶V DXWKRUL]DWLRQ DQG LQVWUXFWLRQ VHW RXW
LQ VHFWLRQ F EHORZ LV D FRQ¿UPDWLRQ RI WKH HTXLWDEOH DVVLJQPHQW E\ WKH 6HOOHU LQ WKH /LVWLQJ &RQWUDFW DQG LV QRWLFH RI WKH
equitable assignment to anyone acting on behalf of the Buyer or Seller.

20A. RESTRICTION ON ASSIGNMENT OF CONTRACT: The Buyer and the Seller agree that this Contract: (a) must not be
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Contract by the Buyer or any subsequent assignee.
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21. AGENCY DISCLOSURE: 7KH 6HOOHU DQG WKH %X\HU DFNQRZOHGJH DQG FRQ¿UP DV IROORZV LQLWLDO DSSURSULDWH ER[ HV DQG FRPSOHWH
details as applicable):

INITIALS A. The Seller acknowledges having received, read and understood Real Estate Council of British Columbia
5(&%& IRUP HQWLWOHG ³Disclosure of Representation in Trading Services´ DQG KHUHE\ FRQ¿UPV WKDW WKH 6HOOHU
has an agency relationship with

_V_e_r_o_n_ic_a__S_e_ll_e_r_s_ag_e_n_t_________________________________________ (Designated Agent(s)/Licensee(s))

ZKR LV DUH OLFHQVHG LQ UHODWLRQ WR BImBBaBgBiBnBaBryBBRBeBaBlBEBsBtBaBteBBSBaBleBsBBBBBBBBBBBBBBBBBBBBBBBBBBB Brokerage).

INITIALS B 7KH %X\HU DFNQRZOHGJHV KDYLQJ UHFHLYHG UHDG DQG XQGHUVWRRG 5(&%& IRUP HQWLWOHG ³Disclosure of
INITIALS Representation in Trading Services´ DQG KHUHE\ FRQ¿UPV WKDW WKH %X\HU KDV DQ DJHQF\ UHODWLRQVKLS ZLWK

_L_i_am___B_u_y_e_r_s_ag_e_n_t____________________________________________ (Designated Agent(s)/Licensee(s))
ZKR LV DUH OLFHQVHG LQ UHODWLRQ WR _E_x_a_m__p_le__Im__a_g_i_n_ar_y__R_e_a_l_ty____________________________ (Brokerage).

C. The Seller and the Buyer each acknowledge having received, read and understood RECBC form
entitled “Disclosure of Risks Associated with Dual Agency” DQG KHUHE\ FRQ¿UP WKDW WKH\ HDFK FRQVHQW WR D GXDO
agency relationship with
___________________________________________________________ (Designated Agent(s)/Licensee(s))
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INITIALS D. If only (A) has been completed, the Buyer acknowledges having received, read and understood RECBC
INITIALS IRUP ³Disclosure of Risks to Unrepresented Parties´ IURP WKH 6HOOHU¶V DJHQW OLVWHG LQ $ DQG KHUHE\ FRQ¿UPV
that the Buyer has no agency relationship.

E. If only (B) has been completed, the Seller acknowledges having received, read and understood RECBC
IRUP ³Disclosure of Risks to Unrepresented Parties´ IURP WKH %X\HU¶V DJHQW OLVWHG LQ % DQG KHUHE\ FRQ¿UPV
that the Seller has no agency relationship.

BC2057 REV. DA FEB 2019 INITIALS

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