The following information is intentded to assist buyers in understanding the offer process on the siskin Lane properties on Cortes island.

HOW THE PROCESS WORKS:

Once you have decided upon a lot choice and read all the information in the Disclosure Statement contact me and I will write up your offer at your instructions.

Information I will need includes:

Full given names of the parties to be on title

Current mailing address plus contact numbers including FAX

Occupation

Price you wish to offer

Deposit amount

Any conditions you wish to put in the offer...if you have financing conditions I will need to know the amount you will be financing.

Once the offer is written I will send the offer to you if you are not on Cortes and if you are on Cortes we will meet at my office to sign the offer. If I send the offer to you it is important that you have an unrelated adult who knows you witness your signatures. You send the signed and initialled offer back to me by fax.

I will present your offer to the principles at Renewal Land. They will consider your offer and if they have any questions they will contact me. If I cannot answer their questions I will call you. As it is anticipated there will be a number of offers to consider with so many properties on the market Renewal Land will initially take up to 36 hours to consider offers and get back to me. Once I have acceptance on or your offer or if it is turned down I will contact you and advise you. I will follow up by mailing or faxing a signed copy of the offer to you. If you have conditions in your offer it is critical you start immediately to remove these conditions. It is possible there will be back up offer on properties that have accepted conditional offers on them. That being the case if you cannot remove your subjects in a timely manner the back up offer will become the accepted offer. You will be advised if this is a possibility.

One of the big concerns buyers have had is what happens in a multiple offer situation. I have included a real estate board hand out on how multiple offers are handled. If you have further concerns on this call me and we can discuss it further.

Information provided by Vicki deboer

discovery islands realty

250-935-6716 cortes Island

WWW.CORTESISLANDREALESTATE.COM

WHAT IS IN AN OFFER

There is more to an offer than just the price and a wise buyer does their homework first to insure the offer is as appealing to the seller as possible.

Price
In the case of the Siskin Lane properties the seller is not willing to negotiate on price. The properties have been listed at very fair prices for the current market based on other sales of raw land in the past six months. As this is such a unique project it is hard to find comparable properties.

Deposit
The deposit is a show of good faith. There is no pre set amount for deposits but the more you can afford to put down the more impressive your show of good faith is. The deposit is held in a trust account until it is determined the sale will proceed. The deposit will be applied against the purchase of the home when the sale closes. In the event you are unable to remove your conditions and you wish to withdraw the offer the deposit will be returned to you. All parties must agree to this and sign an addendum of agreement.

Terms
This includes the total price offered and the financing details.

Conditions
It is normal for offers to have conditions in the offer. This is the buyers opportunity to do their due diligence. With the Siskin Lane properties most of the items of possible concern are covered in the Disclosure Statement and this must be read by the buyer before making an offer. There may be "subject to confirming or arranging financing" clauses on the Siskin Lane offers. Once the buyer has satisfied all the conditions the "subject to" clauses are removed in writing the offer is considered 'Unconditional' and the sale proceeds to completion. Once an offer is unconditional the deposit is non refundable.

What can you do to make your offer appealing?
A buyer can make a firm, unconditional offer at the outset. This is usually preferable to the seller, because it means that you are prepared to purchase the property as is without any conditions and have already arranged your financing. If the offer is accepted, the property is yours.

GET A PRE-APPROVED MORTGAGE BEFORE SHOPPING
Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home or property before you start looking. It also puts you in a good position when making an offer.

It is helpful to work with a mortgage broker familiar with the market you are shopping in. Shopping for land on Cortes Island presents its own unique challenges for financing. Your mortgage broker will answer your questions and help you determine which financing terms and options are right for you.

Closing or Possession Date
The closing date is the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified. In British Columbia the Possession Date is legally 1 to 3 days after closing. In the case of the Siskin Lane properties final registration has not taken place at the Land Title Office in Victoria so the completion date will be dependant upon final registration. It is expected this will be completed before July 15, 2006.

Do your homework first!
After April 18^th all the information you need to know about the Siskin Lane project will be on Renewal Lands web site. You can also get paper copies or CD's from me. Well log information, lot size and survey maps, covenants, easements, rights of way and more is all there for you to study. Take the time to read this information before you make an offer because it will be noted in the offer you have had an opportunity to read the information and accept it.

Don't hesitate to call me if you have questions!

Vicki deBoer Home office on Cortes Island 250-935-6716

vicki@cortesislandrealestate.com