Let’s explore what those obligations entail and why they matter when you’re buying or selling a home.
Included Items
When you buy a house, there are things you expect to come with it—like fixtures, appliances, and other attachments. The standard Contract of Purchase and Sale outlines these included items in Clause 7, stating that the purchase price covers any buildings, improvements, fixtures, and attachments.
Property Condition
Clause 8 in the Contract of Purchase and Sale states that the property and all included items should be in substantially the same condition at the possession date as when the buyer saw them.
Other Commitments
Sometimes, buyers and sellers make additional commitments in the contract. For example, a buyer might require the seller to make specific repairs or clean the property before closing.
Subject to Clauses
Subject to clauses can add flexibility to a contract but also come with their own set of responsibilities. Buyers might make offers subject to obtaining financing, a home inspection, or legal advice.
Deposits
Deposits are usually held in trust by the buyer’s Realtor’s brokerage. These funds are a sign of good faith and are only released with written approval from both parties. If there’s a dispute over the deposit, the brokerage might hold the funds until the issue is resolved in court.
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