📜 What You Need to Know to Write an Offer on a Property (Real Estate) in Prince Edward Island 🏡

In this episode, we dive into the essential elements of writing an offer on a property in Prince Edward Island. We'll cover everything you need to know to ensure your offer is clear, comprehensive, and competitive. We'll discuss the importance of providing full legal names and contact information, including the necessity of individual email addresses and copies of your driver's licenses. You'll learn about the key details to include, such as the property address, proposed purchase price, and whether HST applies to your offer. We'll explain the significance of a good faith deposit, suggest preferred closing dates, and guide you on selecting a lawyer if you don't already have one.

Understanding conditions like financing and inspections is crucial, so we’ll go over the timelines for arranging financing, conducting home inspections, insurance inspections, and septic tank inspections. We’ll also touch on what to consider if the property has existing rentals, such as propane tank rentals or tenant agreements, and how these might impact your offer.

We'll cover the IRAC approval process for non-Island residents or corporations purchasing large properties, as well as FINTRAC requirements to comply with Canadian Anti-Money Laundering Laws. We’ll also discuss the importance of reviewing the Property Condition Disclosure Statement (PCDS) and other due diligence items like water tests and tenancy considerations.

By the end of this episode, you'll have a clear roadmap for writing a well-prepared and strategic offer on a property in Prince Edward Island.

Here is the cheat sheet mentioned in the podcast: https://shorturl.at/es5Qe

PEI Real Estate real-time search/videos/government links: https://michaelshomes.com/links.html

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Thank you for tuning in, and may your day be filled with great opportunities in the world of real estate! 🏡🌟