Consumer Information > Real Estate > Purchase Contracts
Stating Terms & Conditions
A typical Alberta purchase contract sets out the real estate transaction terms and conditions. When writing a purchase contract with your industry member include all your needs and concerns regarding the potential purchase. The form can be modified to reflect specific requirements in your transaction.
Once the offer is presented to the sellers, it is either accepted, rejected or countered. If it’s countered, negotiations will continue until terms are agreed upon, or the offer’s timeline expires.
Below consumers describe their recent “purchase contract” experience:
The Industry Member’s Role
Sellers decide whether to accept, reject or counter an initial offer. Your industry member must communicate the progress of the negotiation, but can’t make or accept offers for you unless you’ve given them written authorization.
Here are some general points to keep in mind:
offers or counter offers may be withdrawn at any time before acceptance
withdrawal or acceptance of an offer or counter offer is only effective when the situation is communicated to the other party, or to the other party’s industry member
when an offer or counter offer has been accepted there is a binding contract between buyer and seller, even if it may be subject to certain conditions having to be satisfied.
It’s important to get familiar with purchase contracts as they allow you to ask pertinent questions. They also ensure you know what to expect when preparing an offer or
acceptance - putting you in a better position to negotiate.