RE/MAX Advantage Realty Ltd., Brokerage*

Phone:
519-649-6000
Toll free:
1-855-649-6001
Fax:
519-649-4698
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REMAX ADVANTAGE CUSTOM CLAUSES

REMAX ADVANTAGE CUSTOM CLAUSES

1. BALANCE OF PURCHASE PRICE: (must be used on all offers)
The Buyer agrees to pay the balance of the purchase price, subject to adjustments, by Bank Draft or by Certified Cheque, to the Seller on the completion of this transaction.

2. TAX CLAUSE: (must be used on all offers except for Single Family Residential Offers of less than $500k.)
The Parties to this agreement understand that property assessments and taxes can change for many reasons and cause errors in tax information provided by Real Estate Agents. The Parties will not hold each other or any agent responsible for errors involving assessments and taxes, or adjustments in assessments and taxes that may or may not occur.

3. SELLER PROPERTY DISCLOSURE:
The Buyer acknowledges having received a copy of the Seller Property Information Statement prior to signing this Agreement.

4. CONDITIONS LIST:
This Agreement is conditional for ______ days from date of acceptance of this Agreement for the Buyer to satisfy themselves at their expense of:
a] Obtaining Financing for this Purchase;
b] Results of inspections from inspectors of their choice;
c] Information provided in the Status Certificate;
d] Obtaining satisfactory insurance;
e] Permitted uses under existing zoning;
f] Changing existing zoning to permit ______________;
g] The property meeting current fire/electrical standards
h] The quality and quantity of water;
i] The quality of the Seller's existing survey;
j] Their lawyer's approval of this Agreement's form and content;
k] Any archaeological potential or issues.
l] Any environmental issues or concerns
m] The septic being legal, installed with permits, operational, and adequate to their needs.

This/These condition[s] are included for the benefit of the Buyer[s] and may be waived at their sole option within the conditional period failing which this Agreement shall become null and void and the Buyer's deposit will be returned in full without interest. The Seller will cooperate in providing access and information to assist the Buyer towards this satisfaction if requested.

5. SALE OF BUYER’S PROPERTY:
This Agreement is conditional upon the sale of the Buyer's property known as ________________________________________, on or before___________________ failing which this Agreement shall become null and void and the Buyer's deposit shall be returned in full without interest or deductions. This condition is included for the benefit of the Buyer and may be waived by him/her at his/her option within conditional period.

6. SALE OF BUYER’S PROPERTY – ESCAPE CLAUSE
Provided further that the Seller may continue to offer the property for sale and, in the event he/she receives another offer satisfactory to him/her, he/she may so notify the Buyer in writing by delivery to the Buyer, the Buyer's address or the Buyer's brokerage hereinafter indicated.

The Buyer shall have _______ hours from the giving of such notice to waive all conditions by notice in writing delivered to the Seller or Sellers' brokerage, failing which this Agreement shall be null and void, and the Buyer's deposit shall be returned in full without interest and the Seller shall be at liberty to accept the new offer.

7. AGREEMENT TO LIST MLS:
The Buyer agrees that upon acceptance of this Agreement by the Seller, he/she will immediately list the property known as _______________________________________ for sale on the Multiple Listing Service through _______________________________.

8. DISCHARGE CLAUSE:
The Seller agrees, subject to Clause 12 [Res] Clause 14 [Condo], to discharge on or before closing at the Seller's expense, any existing mortgages, liens or encumbrances on the real property, except those described as being assumed by the Buyer.

9. FINANCING PROPOSAL:
This Agreement is conditional upon the Buyer being satisfied with a financing proposal from a bank by _______________________ to purchase the property, failing which this Agreement shall become null and void and the Buyer's deposit returned in full without interest or deductions. This condition is included for the Buyer's benefit and will be removed at his/her sole discretion within the conditional period.

10. ASSUMING EXISTING MORTGAGE:
This Agreement is conditional upon the Buyer being able to assume the existing mortgage held by ____________________________ of approximately $__________________ bearing interest of ______% expiring _____________________ within 7 days of acceptance of this Agreement, failing which this Agreement shall become null and void and the Buyer's deposit returned in full without interest. This condition is included for the benefit of the Buyer and may be waived by him/her at his/her option within the conditional period.

11. ADVANCE CLOSING DATE:
The Buyer shall have the right to advance the closing date to any date up to ____________________ provided he/she gives thirty [30] days written notice to the Seller.

12. RIGHT TO VIEW PROPERTY:
The Buyer shall have the option to view the property ____ further time[s] prior to closing upon giving the Sellers or their agent ______ hours notice.

13. DIRECTION ON COMMISSION (When using this clause it MUST be in both the Agreement and Confirmation of Co-operation):
The Parties agree and irrevocably direct the Buyer's lawyer to pay direct to RE/MAX Advantage Realty Ltd. their commission as indicated in the Listing Agreement or Confirmation of Co-operation and Representation on closing.

14. AMENDMENT TO CHANGE BUYER:
By executing this Amendment the new Buyers, as mentioned, hereby acknowledge having received a copy of the original Agreement of Purchase and Sale and further agree to assume the position as Buyers in this Agreement the same as if they had executed the original Agreement and agree to be bound by all the obligations as Buyers in the Agreement.

15. REVIVAL CLAUSE:
Notwithstanding the Agreement has become null and void due to conditions not being satisfied within their time limits, the Parties hereby agree to revive the Agreement for the purpose of satisfying this Amendment.
______________________________________________________________________
*Important* - Please remember:
WHEN LISTING A CONDO, IT IS COMPULSORY FOR AL AGENTS TO PUT IN THE REMARKS SECTIONS THAT:
“The number of parking spaces must be verified by the buyer”

WHEN SELLING A "MERE POSTING", INSERT IN THE "OTHER" SECTION OF THE CONFIRMATION OF CO-OPERATION:
"RE/MAX Advantage Realty Ltd. Brokerage, “Deposit Holder” represents the Buyer and is paid by the Seller, ___% of the selling price plus HST in accordance with the Agreement to Purchase and Sale." (also use Form 202 - Seller Commission Agreement)

SWIMMING POOL (WARRANT)

The Seller represents and warrants that the swimming pool and equipment are now, and on the completion date shall be, in good working order. The Parties agree that this representation and warranty shall survive and not merge on completion of this transaction, but apply only to the state of the property existing at completion of this transaction.

*Important for Listings* - Please remember:
WHEN LISTING A CONDO, IT IS COMPULSORY FOR ALL AGENTS TO PUT IN THE REMARKS SECTIONS THAT:
“The number of parking spaces must be verified by the buyer”

WHEN SELLING A "MERE POSTING", INSERT IN THE "OTHER" SECTION OF THE CONFIRMATION OF CO-OPERATION:
"RE/MAX Advantage Realty Ltd. Brokerage, “Deposit Holder” represents the Buyer and is paid by the Seller, ___% of the selling price plus HST in accordance with the Agreement to Purchase and Sale." (also use Form 202 - Seller Commission Agreement)

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