Paperwork for Offer to Purchase in Regina

I've recently made another offer on a property in Regina and was amazed again at all the paperwork involved just to make an offer. Even though my friend compared my purchase to mail order real estate it was definitely much more tedious than ordering a book off Amazon. I used another real estate agent rather than the agent I had used in my previous purchase last year. The reason being that this agent is also an investor and seemed to understand what I was looking for and the jargon I used making it easier to communicate. Though I must admit there isn't much currently in my price range and criteria (only one property really even worked for cashflow... guess Regina prices are getting a little heated). I thought I would go through each of the pieces of paper that required my signature with a brief explanation.

Saskatchewan Real Estate Commission: Residential Contract Of Purchase And Sale.

• Has the brokerage, your name, the buyers name and address (civic address and legal description: lot, block and parcel)
• The Transaction: Offer Price, mortgage amount, deposit and down payment balance
• Conditions: What I wanted the offer to be made conditional to (financing, inspections, tenancy lease agreements and transfer of damage deposit, and my lawyers approval)
• Additional terms which I had none
• Closing: basically when the property would transfer ownership and consequences if that doesn't happen. Also what the buyer and sellers responsibilities are.
• Insurance: When responsibility transfers from seller to buyer and the fact I must have insurance on date of transfer
• Warranties and Representations: What chattels are included (appliances, , surveyor certificate, sump pumps, etc.) And that the seller has the right to sell the property.
• Remedies/Disputes: What happens if offer is accepted or rejected. (conditional and full)
• Offer: Date and time the offer is good till and this is where my signature and my witness' signature are to go.
• Acceptance: This is where the seller(s) signature(s) go, their witness and our lawyers.

Ancillary Services In The Purchase Of Residential Real Estate
Just in case your conditions weren't already clear enough this makes sure it is crystal clear what inspections and reports you will require.

• Electrical inspection - get a qualified electrician to check the home out (many older homes with aluminum or knob and tube wiring the might have to be changed would be expensive)
  
• gas line inspection - make sure nothing has been built over municipal gas lines
  
• house inspection - general expectation for soundness of house
  
• property condition disclosure statement - basically what the sellers will self disclose about what they know is wrong with the property
  
• septic/sewer inspection - make sure the sewer and septic system is good... no roots cracking through anywhere.
  

Other interesting ones include roof inspection, engineering report, furnace and chimney inspection, appraisal report, municipal compliance report, real property/Surveyors certificate, wood stove/fireplace inspection. Need to sign and date with a witness.

Agency Disclosure Brochure
Basically agreeing that you've read and understand what "Agency" is (Sellers, Buyers, Dual Agency) and agree to the limitations therein. Sign, date, with a witness.

Identification Mandatary/Agent Agreement
This one was one I didn't in my last purchase but was needed this time to verify I am who I say I am to the agent because she had never met me in person. You require a professional of some sort (Accountant, Lawyer Doctor) to verify who you are. You also need to provide proper identification like a driver's license or a passport with the appropriate document or license number. Your Identifying Agent then signs and dates this form (I used the ID'ing agent as my witness for all other papers as well)

Receipt of Funds Record
This is basically the form you use to tell the agent how you will make your deposit as well as which address the deposit is for and the broker you will be using. You put in your amount and how you will be paying (cheque, certified cheque, cash or other). I chose to use electronic transfer so would be "Other".

Those are all the forms I signed, dated and required a witness for in order to send in an offer to purchase. I made this offer to purchase from my home in Yellowknife and it was on a property that I have not seen in person (but had pictures and descriptions from the real estate agent).

They definitely don't make it as easy as Amazon's one click =)