In Alberta, most offers to purchase are contained in a standard form prepared by the local real estate board. At a minimum, these forms will cover the following information: the parties, that is the names of the vendor (seller) and purchaser (buyer); the legal and municipal title of the property; the purchase price, including the deposit and information about whether an existing mortgage on the property will be taken over by the purchaser or whether the purchaser will obtain a new mortgage, and the payment of the outstanding balance if any,  between the deposit, the mortgage funding and the total price; interest on any outstanding balances; conditions (subject to's), such as the right to have the agreement looked at by the parties' lawyers, obtaining financing, satisfactory building inspection, etc.; any items that are to be included in the purchase price such as drapes, appliances, rugs, mirrors and so on; any information about the state of repair of the property or warranties about land use, and bylaws or, as the case may be, a statement that no warranties about the property are made; time requirements, such as the amount of time the vendor will have to accept the offer; for the transfer of actual possession; and the date for adjustments to such things as the municipal tax account; insurance requirements; who is responsible for insuring the property, for what time periods and for how much information about how to deal with default if one of the parties tries to back out of the deal; payment of the real estate commission; payment of GST and other taxes; places for the signatures of the vendor and purchaser, their witnesses and the real estate agent. Last updated: October 2015