How to write an offer on a foreclosure in Vancouver
The “Schedule A” which must form part of the contract.
Everything in the offer must be fully legible.
Offer must be in Buyer’s EXACT legal names including their address and phone number. These names CANNOT be changed at anytime. Advise me how the purchaser(s) wish to be described in the order approving the sale (Their names, proportionate interests etc.). The offer cannot be assigned into another name or to a 3rd party.
The offers must also have the following:
- Page 1:
- Do not put the property address as the seller’s address. Leave it blank
- Deposit: Please make this 5% or greater. Deposit MUST be due upon removal of BUYERS SUBJECTS in form of a Bank Draft
- Page 2:
- Terms and Conditions. “See addendum + Schedule A”
- Completion date should be written verbatim “30 days after court approval” Possession and Adjustment dates verbatim “31 days after court approval“. If the property is vacant the dates must be written verbatim, Completion: “14 days after court approval” Possession and Adjustment: “15 days after court approval“.
- Section 7. Cross off everything after the wording “The Purchase Price includes any buildings,”. DO NOT INCLUDE ANY ITEMS (i.e. appliances, curtains, security system…).
- Cross off section 8 (viewed) or write “As-is Where-is on the actual possession day”.
- Page 4:
- Offers need to be left open for a minimum 3 business days. i.e. An offer given to me on a Sunday should be left open until end of day Wednesday. The lender and lawyers do not work weekends or evenings.
- Addendum Pages:
- Be Subject to Court Approval (The attached Schedule A covers this wording)
- Contain no context, which offers a seller’s warranty or assurance of the condition or past use of the property. i.e. Nothing similar to “The Seller warrants…” “The seller will provide…” “The listing agent will provide…” or any similar wording. (I will provide you with strata documents. If you write a subject to reviewing the documents please remove any wording that says “The seller will provide” or change the wording to “Buyer will obtain… at the Buyer’s expense”.
- No PDS will be provided (as per the Schedule A).
This is a guide to assist you in writing your offer. You do not have to follow this guide, but please understand the seller or myself may make all the above changes in a counter offer. I find it easier if Buyers understand the process and expectations from step 1.
Please call me if you have questions.