Making Money in Real Estate by Douglas Gray

Making Money in Real Estate by Douglas Gray

Author:Douglas Gray
Language: eng
Format: epub
Publisher: Wiley
Published: 2012-02-02T16:00:00+00:00

Here is just a sampling of some of the common subject clauses. There are many others possible that you or your lawyer may feel it appropriate to insert.

For Benefit of Purchaser

title being conveyed free and clear of any and all encumbrances or charges registered against the property on or before the closing date at the expense of the vendor, either from the proceeds of the sale or by solicitor's undertaking;

inspection being satisfactory to purchaser by relative, spouse, partner, etc. (specify name);

inspection being satisfactory to purchaser by house inspector/contractor selected by purchaser;

sale of purchaser's other property being made;

confirmation of mortgage financing;

deposit funds to be placed in an interest-bearing trust account with the interest to accrue to the benefit of the purchaser;

approval of assumption of existing mortgage;

granting of vendor-take-back mortgage or builder's mortgage;

removal of existing tenancies (vacant possession) by completion date;

existing tenancies conforming to prevailing municipal bylaws;

interim occupancy payments being credited to purchase price;

review and satisfactory approval by purchaser's lawyer of the contents of the agreement of purchase and sale;

warranties, representations, promises, guarantees, and agreements shall survive the completion date;

no UFFI having ever been in the building;

vendor's warranty that no work orders or deficiency notices are outstanding against the property or, if there are, that they will be complied with at the vendor's expense before closing.


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