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56 -- PORT PERRY STAR -- Tuesday, December 6, 1988 You've found your dream home, now what? Perhaps you thought you would never see the day, but a last it's happened. You've finally found the house you want to make your home. The next step is to for- malize your intent to buy, which means more than paying a deposit and arrang- ing your financing. The details of your intent to buy are outlined in an of- fer to purchase, more for- mally called an Agreement of Purchase and Sale. An offer to purchase is evidence of your intention to buy. The offer to purchase may be better understood if thought of as a blue-print for the sale and purchase of a house. It is a legal document in which the elements of your agreement to purchase are recorded.-As the purchaser you must be willing and able to fulfil your commit- ment to the contents of the agreement. As a means of ensuring continuity and the roper documentation of in- ormation, the Ontario Real Estate Association and its real estate boards provide standard forms for the use of its members to facilitate the process and ensure the legal soundness of the documen- tation. The offer to hase con- tains a description of the property and details relevant to the sale. Items such as; the deposit, mortgage, fix- tures, chattels, dates, time limits, completion date and any conditions will be stat- ed in the offer. A deposit is your mone- pledge that you will fulfil the contract to pur- chase. Any monies you put down with the offer will be applied towards the total agreed purchase price upon completion, or, closing of the transaction. The Ministry of Consu- mer and Commercial Rela- tions, through the Real Estate and Business Brokers Act, regulates the handling of a purchaser's deposit. The deposit is usually given in the form of a cheque made payable to the real estate broker who has listed the property for sale. If the seller refuses a buy- er's offer, the deposit is re- turned in full because no commitment has been made. If a seller refused a buyer's offer, the deposit is returned in full because no commit- ment has been made. If the seller accepts the deposit, and offer, and the buyer then changes his or her mind, a seller has several options. First, the seller may return the buyer's deposit in full. Second, the seller may re- tain a portion of the deposit as a conditon of the buyer's release from the contract to cover losses or expenses in- curred as a result. Third, the seller may require the pur- chaser to complete the con- tract by taking legal action. If the seller accepts an of- fer, no more than two bank- ing days can elapse before the offer is presented to the seller. During this time the broker is legally required to place the funds in a Real Estate Trust Account until the transaction is complet- ed. This Trust Account is separate from his or her own funds and is subject to government inspection. Mortgage information should be fully disclosed in an offer to purchase. Such things as whether there is an existing mortgage or if a new mortgage is being ar- Slel=ha=]3=]=A Al- RNa Vic] REI" @ NIRS] {Fo =1-¥.VY& go] 3] | FRANK (CLERALT: REALTOR TORONTO LINE 686-3931 ST: TaViTaYe lo OTL V- Yo oN = Y= TT TAN ror ESD yoory 112 SCUGOG STREET PORT PERRY PORT PERRY 985-7386 (right beside Trader Sam's) $39,900. - BUILDING LOT north of Port Perry, 255 x 125, lovely country setting, permits available. Vendor financing possible. Won't last long. Call today, Penny or Ernie Duncan 985-7386 or 705-357-3710. BLACKSTOCK - GREENSBORO DRIVE 3/4 acre lot, ready to build your dream home. Vendor will assist with financing. Ask- ing $72,000. Call Ann Elliott 985-7386 or 986-5128. JUST LISTED 1/4 acre commercial. 173.58 ft. fronting on east side of Hwy. 12 at Manchester. Vendor says bring any offer. Askng $249,900. For further information call Garry Royle 985-7386 or 985-3933. BOWMANVILLE $169,900. 3 bedroom brick/aluminum 2 storey in new subdivision, 2 baths, walkout from living room to rear deck, oak cupboards in kitchen and bath, upgraded carpet, extra deep closets in bedrooms, double attached garage. For more information call Allan Bassett 985-7386 or 432-7087. COMMERCIAL - CAESAREA Grocery and residence, close to lake and marina. Includes land, buildings, business and equip- ment, turn-key operation, expandable business. Full 3 bedroom apt. above, eat-in kitchen, living room, full bath, very modern. Asking $350,000. For more details call Mark Smith 985-7386 or 985-3110. MAINTENANCE FREE $134,900. North of ®ort Perry. Brand new 2 bedroom bungalow, attached garage, country size kit- chen with oak cabinets, full unfinished basement. Deeded ac- cess to lake. Immediate possession. Call Now! Christine 'Vanderniet 985-7386 or 986-0380. WATERFRONT PROPERTY - $$79,900. 3 bedroom year-round home, 40' dock plus self contained cabin for summer visitors. Call Bonnie Steele 985-7386 or 985-3398. . 985-7639 . 986-5128 . 985-2526 . 986-4986 . 986-4303 . 985-3298 . 985-3447 . 985-3933 Res. 432-7087 Res. 985-8881 Res. 985-3110 PRIVACY PLUS 3.05 acres with mixed bush, close to Hwy. 35. Culvert and laneway already in. Listed at $64,000. Call Bar- bara Vansickler 985-7386 or 985-3447. LITTLE BRITAIN - 1 ACRE PLUS with 3 bedroom bungalow, main floor laundry, finished rec room with woodstove and walkout, 1 year new and waiting for you. Listed at $147,500. Call Ernie or Penny Duncan 985-7386 or 705-357-3710. HOBBY FARM - BLACKSTOCK 3 bedroom brick bungalow, living room, laundry room, 2 car garage on approximately 17 acres with 7 acres workable, 10 acres bush, barn, trout pond and good stream. Commuting distance to Oshawa. Asking $375,000. Call John Wolters 985-7386 or 986-4303. JUST STARTED - SPRING POSSESSION on this 1400 sq.ft., all brick, 3 bedroom home overlooking the lake. 100 x 250' lot with central water supply. Vendor financing available. Asking $149,900. Call for information, Penny or Ernie Duncan 985-7386 or 705-357-3710. WHOLESALE BULK FOODS FRANCHISE Turn-key operation, immediate possession, geared to a family run operation or in- dividual. A proven success. Located in Port Perry. Busy loca- tion, good profit potential. Asking $105,000. For further details call David Wood 985-7386 or 986-4986. Mark Smith, Manager of W. Frank Real Estate Ltd. is pleas- ed to welcome D[Debra-Ann Taylor to his sales staff. Debra-Ann, a long time resident of the Seagrave/Port Perry area wishes to advise all her friends, relatives and past clients that she can be reached at her new office 985-7386 or, her home 985-8881 for her professional and friendly ser- : vice for all their real estate ORB . needs. DEBRA-ANN TAYLOR ranged are outlined in great detail. Fixtures and chattels are often the sources of misun- derstandings between buyer and seller. Fixtures are items - for example a fur- nace - which many think will be automatically sold along with the house. Sometimes they are not. Chattels on the other hand, are not sold unless otherwise stated in the offer to purchase. They may be such items as rugs, appli- ances or bookshelves. Date and time limits in the offer to purchase set the schedule for the transaction. The irrevocable date a buyer and sales-person decide on stipulates a time period in which the seller may con- sider the offer. If he or she doesn't accept the offer within that time frame, the offer is void and the deposit returned. The completion date or, closing, is when the trans- action is to conclude. Com- pletion is when the balance of the price is paid by the buyer and the title is trans- fered by the seller. The most common condi- tions in an offer to purchase include financing, repairs being made and the sale of an already-owned dwelling. A condition is a stipulation in the offer to purchase that something will be done or arranged in order that the Salling, sale be carried through. A condition can be anything as long as it is not contr to the Taw. ad An offer to purchase is a significant step in the pro- cess of buying a house. It is your responsibility to en- sure that this document ac- curately describes your in- tentions. If it does not you should have the document corrected, otherwise you may find yourself bound to something you can't fulfil. Again, a trained and ex- perienced sales-person can guide you through the com- plexities of the offer and the various stages of the pur- chase process. Along with your legal advisor, a sales- person can make the entire experience a pleasant and memorable one. available at the Port Perry Star ERY If your business is in urgent need of sending or receiving important documents or let- ters,we can help! ' Simply call the Star office For more information call 985-7383 Buying You owe it to yourself to try out the columns of the Port Perry Star CLASSIFIED SECTION BEST READ * BEST USED * BEST VALUE FOR THE BEST SELECTION of new or re-sale HOMES READ THE REAL ESTATE of the PORT PERRY STAR Who better knows the values of homes in Port Perry and Scugog Town- ship than the Real Estate agents and companies that are established and live in this community! IF YOU ARE THINKING ABOUT SELLING OR PURCHASING A HOME CONTACT ONE OF THE PROFESSIONAL REAL ESTATE AGENTS WHOSE AD APPEARS EACH WEEK IN THE PORT PERRY STAR.