Whether you are searching the market for potential homes to buy or are putting up a Vancouver real estate property for sale, you should be aware and familiar with the legalities of a real estate contract. By fully understanding the contract you can avoid a potential battle over this agreement that has been made between the buyer and the seller.
When a real estate contract is signed it means that you are accepting the terms included. You’ll have to read through the entire contract and fully understand everything you are signing. This contract, when signed, is stating that both parties, the buyer and the seller, have agreed to the terms of the sale and purchase.
Vancouver real estate contracts are considered to be void should one of the parties happen to be a minor. Contracts can only be signed by two consenting adults that are legally competent. Minors are not legally responsible for themselves so they cannot sign a legal obligation and then be held accountable for it. Without the proper parties signing the contract and being properly identified, there are no legal obligations on either side. Also, without two adults signing the agreement of their own free will, the contract is considered to be invalid. At no time should you ever sign a contract if you do not wish to do so.
The buyer must give the seller the agreed-upon consideration in the contract. In return, the buyers will receive the property title and keys to their new home. If you are going to sign this agreement you need to know and understand everything you are signing.
Contracts must be done on paper and not verbally. If a contract is formed by word of mouth, either party could decide that they are no longer interested or have changed their minds. When a contract is in written form you may not claim that you have not agreed to it. The proof is written and there for all to see. Without a written contract, no legal consequences may arise if anything goes wrong during or after the agreement.
The Vancouver property description must also be included in the contract. This is done by specifying the location, the address, size of the property and any other pertinent information.
In order to have a successful venture, either selling or buying Vancouver real estate, you should be aware of the terms and rules of the contract. You should understand the need for proper identification and who can legally sign one. Your real estate agent is there to help you understand the procedure and you should ask your real estate lawyer any questions before setting pen to paper.
Contact Jark
Whether you’re buying or selling or just have a question – my team would love to hear from you! We are ready to look after any and all of your Real Estate needs, and will be in touch with you within 24 hours!
Jark Krysinski, REALTOR®, BA, ABR (Sept.)
REMAX Crest Realty Westside, 1428 W. 7th Ave., Van, BC, V6H 1C1.
DIRECT: 604.790.9945, OFFICE: 604.602.1111 x.147
TOLL FREE: 1.888.479.8999, FAX: 604.602.9191
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