The real estate purchase agreement is more than just a casual offer. The moment you and the seller sign it, it is a legally binding contract. Since you can put what you want in your offer, why not include some of the clauses that smart buyers use to protect themselves and save money? Some suggestions follow.

Six purchase and sale agreement clauses

Increase deposit money condition. You can still put a small amount of deposit and still be taken seriously, add in something like this: “$1000 deposit money and to be increase to $3000 upon acceptance on this offer.” Another way to do this is, “when all contingencies are met.” In this case, if there were any issues on you backing out of the deal because the inspector found a structural damage on the property, for example, you didn’t have your money tied up while, the situation being resolve.

Inspection contingencies. Ask an agent about the wording, but basically you want something like this in the purchase agreement: “Contingent upon a home inspection and buyer’s approval of the results; inspection to be done at buyer’s expense within ten days.” Now you the right to have an inspection done, and if anything negative is found, you can refuse to “approve” of the results, and get your deposit back, or you could re-negotiate a lower price.

Assignation. If buying with a partner who isn’t there to sign the offer, or if you want to “flip” the deal to another investor, or if you may need to involve a partner for purposes of funding the deal, be sure that the purchase offer gives you that right. Putting “and/or assigns” after your name on the offer is usually sufficient, but ask the real estate agent what the local custom or language is. This lets you add another buyer to the deal, or assign the whole contract to another.

Seller reimbursement. Negotiate with the seller to help pay for closing fees, taxes, lawyer fees, and etc. Most sellers would love to ask what their asking for, and not care as much about the details. And if they do care, you have yourself a negotiating power. For sure you’ll be getting some and losing some, like reducing the interest rate if the seller was doing part of the financing for you.

Financing conditions. If the mortgage didn’t come through the last minute, and you can’t purchase the home now. You’ll lose your deposit money, unless you have this in your agreement: “This offer is conditional upon buyer obtaining a suitable financing within 5 days.” If he seller questions the language, you can specify what “suitable” means such as interest rate.

Spousal approval clause. This is a simple clause, “condition walk through inspection and approval of my spouse (wife or partner with their name) within two days. If you spouse do say no within the time frame, you can call the deal off and get your money back. The way to get the seller to agree to this keeps the time frame as short as possible.

The clauses above are often called, “weasel clauses,” because they have the capacity to cancel the purchase of the home, or “weasel out,” of the real estate agreement. Don’t concern about the label. The seller has the right to say no to any of the clauses above. But you have the right to use any one of these on the purchase agreement as insurance to protect yourself.

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Investing in Canadian real estate, buying and selling homes, and making large profits go hand in hand in the current market. There are a variety of locations that are good for investing in real estate in this large country.

I will discuss some of these many locations, looking at why these spots are primed for real estate investments. This discussion should serve as a guide to those hoping to create wealth.

Montreal: The cultural center of Canada, this city is rich with tradition in music and the arts. Additionally, located in the province of Quebec, Montreal is home the NHL’s Canadiens.

Vancouver: This city, located in British Columbia, is home to the National Hockey League’s Canucks. This city is renowned for its historic architecture and unique city planning that promotes density, as opposed to urban sprawl.

Quebec City: This Capital of the Province of Quebec offers not only a beautiful skyline, but a distinctly European feel to its architecture as well. This can be attractive to many lovers of European culture. Also significant is the fact that the majority of the population speaks French.

Ottawa: This location is the capital of Canada and located in the province of Ontario. Sitting on the confluence of a trio of major rivers, this city’s downtown has building height restrictions and is home to many national museums.

Toronto: This most populous city in Canada has a very diverse architecture that can offer something for everyone. Additionally, there are many public spaces for residents. Culturally, this city is a major center for the performing arts, and is the only Canadian city to have teams in all of the five major sports.

Clearly there are many reasons to consider the buying and selling of homes in Canada. Moreover, the time to invest is not, for the economy is sure to improve causing home prices to rise. Start building your wealth now!

Darlene Strang is Edmonton’s top Realtor and your personal Realtor for life. Formore information or are interested in buying or selling a condo in Edmonton Visit our site for more news and advice.