10 Common Clauses and Conditions - City Homes
When having an offer prepared for the purchase of your home, there are many conditions and clauses that exist for your protection that are common for all types of homes; residential city homes, country homes, condos and cottages. Below are the most common abbreviated clauses when buying a Toronto home.
1. Buyer agrees to pay balance with certified cheque or bank draft at closing.
2. Offer is conditional on a home inspection by a certified home inspector at the buyer expense.
3. Offer is conditional on buyer receiving financing.
4. Offer is conditional on buyer receiving insurance.
5. Seller represents and warrants that all chattels and fixtures will be working on the completion date (closing).
6. Seller agrees the home has not been used for the growth or manufacture of illegal substances.
7. Seller agrees the allow the buyer 2 additional visits to the home before closing.
8. Buyers understands and is aware that they are responsible for the Ontario Land Transfer Tax and The Toronto Land Transfer Tax.
9. Seller agrees to provide an existing survey.
10. Seller agrees to remove all personal items and debris and leave the premises in a broom swept condition.