Calling All Buyers  - Guide to a successful Home purchase 


Contract Of Purchase and Sale 

This is the standard first page you will find on the Contract of Purchase and Sale. It contains a general description of terms you will find later in the contract.

  1. DEPOSIT - Not to be confused with your down payment, a deposit is essentially an offer of good faith to the seller that you are serious about purchasing their home – even though you still want to get a home inspection and your mortgage financing in place, before signing on the dotted line.
  2. COMPLETION - The completion date is the day that the buyer assumes title at Land Title Office. This is the day that closing costs and monies are due.
  3. ADJUSTMENT - The adjustment date is the day that the buyer assumes and is responsible for all taxes, utilities, rates, and assessments. This date is typically the same day as the possession day.
  4. POSSESSION - The possession date is the day that the buyer will have possession of the property.
    In the contract you will also have to specify a time that you will take possession, and whether you will have vacant possession or if existing tenancies will remain.
  5. TITLE-What is a title in Real Estate ?
    Title is a legal term meaning registered owner of real property. When your lawyer is preparing to transfer the title to your property, you will likely be asked who will actually own it. You may choose to list one name alone, fellow investors (a parent, for example) or, particularly in a marriage, both spouses. The issue of whose name is on the title is frequently important when one individual is putting up most or all of the money for the purchase. Title can also be held by other than individuals, such as partnerships and corporations.
  6. BUYERS COSTS 
  7. RESIDENCY - International Sellers and Buyers must disclose their Residency
  8. AGENCY DISCLOSURE - This is the section where you acknowledge who your chosen representation is. In this section, both the seller’s and buyer’s agents will be listed.
    If you are choosing to be unrepresented or have an agent perform dual agency, you will have to initial off on it and also refer to the updated Real Estate Council form acknowledging the risks of this.

The Other Pages 1-6 in this contract cover the following:
 Clauses 

Privacy Notice 

To help you sell, buy or lease real estate, REALTORS®, brokerages and real estate boards need to collect, use and disclose some of your personal information. This form provides you with information about, and obtains your consent to, such information handling practices.

BC privacy laws require that anyone collecting another person's personal information must have a reasonable purpose for doing so. This purpose must be disclosed and explicit consent must be obtained before collecting, using and sharing another person's personal information. Personal information means any identifiable information about a person, and may include his/her name, address, phone number or financial information. When it comes to real estate, personal information may also include information about someone's property (such as listing and selling price, lease rate, listing term, etc.).

D.O.R.T.S. 

The Disclosure of Representation in Trading Services is a new document as part of the June 15, 2018, changes to the Real Estate Services Act in British Columbia and a partial replacement of the previous Working with a Realtor form.
The basic idea behind Disclosure of Representation in Trading Services (DORTS) is to inform a client of a Realtor—both sellers and buyers—what their rights are in the relationship, and the duties and responsibilities the Realtor owes to their client.   


FINTRAC 

Due to the real estate sector's size, its services, and the high monetary values involved, real estate is at risk of being targeted for money laundering - as are banks and financial sectors where large transactions are common. One important way a real estate brokerage can reduce this risk is by regularly conducting an assessment to identify the factors that could expose them to this kind of crime.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), the Financial Transactions and Reports Analysis Centre of Canada Risk (FINTRAC) requires each real estate brokerage to conduct an assessment and documentation of risks related to money laundering and terrorist financing, as well as mitigation measures to deal with those risks, and review it at least every two years or sooner, if risk factors change.

While there are specific legal requirements of brokerages around managing the risk of money laundering, REALTORS® also have an important role to play in combatting money laundering.

The Centre assists in the detection, prevention and deterrence of money laundering and the financing of terrorist activities. FINTRAC's financial intelligence and compliance functions are a unique contribution to the safety of Canadians and the protection of the integrity of Canada's financial system.

FINTRAC acts at arm's length and is independent from the police services, law enforcement agencies and other entities to which it is authorized to disclose financial intelligence. It reports to the Minister of Finance, who is in turn accountable to Parliament for the activities of the Centre.



READ MORE ABOUT FINTRAC HERE 

Please Provide Your Buying Criteria

Lola Oduwole

AHOM™ REALTY

BC: 2300-2850 Shaughnessy St, Port Coquitlam, BC. V3C 6K5  ONT: 236 Lake shore Boulevard E. Oakville, Ontario. L6J 1M9 , 

Phone: BC: 604.809.6317 / ONT: 289 .439.5472

sold@lolaoduwole.com

When Builders go Bust : What every Pre-Construction Buyer needs to Know. 

Posted on May 21, 2025 in Real Estate and Lifestyle

RESEARCH YOUR BUILDER - Do realtors actually research Builders? 

Yes — the right ones do.  Before recommending any pre-construction project, a good REALTOR® will:

  • Verify the builder’s HCRA license
  • Check Tarion (ON) or Licensing & Consumer Services (BC) for warranty enrollment, disciplinary history, and consumer alerts 

The right REALTOR® doesn’t just unlo...

Read More

The Hidden Cost of Overpricing Your Home

Posted on May 20, 2025 in Real Estate and Lifestyle

What I Wish More Sellers Knew: Overpricing Your Home Helps the Competition

It’s natural to want top dollar when selling your home. You’ve invested time, money, and love into your space — and you want to be rewarded for it. But here’s the often-overlooked truth: pricing too high can actually cost you more in the end.


Why Overpricing Backfires

Overprici...

Read More

GREATER VANCOUVER MARKET UPDATE VIDEO - MAY 2025

Posted on May 09, 2025


Read More

GREATER VANCOUVER MARKET SPEEDO INFOGRAPHIC - MAY 2025

Posted on May 09, 2025


Read More

Coast to Coast isn't just a tagline...Its a Strategy.

Posted on May 06, 2025 in Real Estate and Lifestyle

As a dual-licensed REALTOR® in both British Columbia and Ontario, the question I’m asked most often is: “How do you manage both?”
It’s a fair question — and one that took me over two years to answer with intention.
Because the truth is: "Coast to Coast" isn’t just a tagline — it’s a strategy.

Real estate across Canada isn’t just about geography.

It’s a...

Read More

Considering Buying Pre-Construction? Start Here...

Posted on May 05, 2025 in Real Estate and Lifestyle


Pre-construction homes and condos can be a smart long-term move — but they require more than excitement and good timing. They require clarity, legal insight, and trusted guidance.
In this short visual guide, I’ve outlined the key things every buyer should know:



What you’re really buying (hint: it’s not just square footage)

What You’re Really Buying in...

Read More

View Older Posts

Get In Touch

Lola Oduwole

Phone: BC: 604.809.6317 / ONT: 289 .439.5472

sold@lolaoduwole.com

Office Info

AHOM™ REALTY

BC: 2300-2850 Shaughnessy St, Port Coquitlam, BC. V3C 6K5  ONT: 236 Lake shore Boulevard E. Oakville, Ontario. L6J 1M9 , 

Stay Connected