The terms below can be included in your offer to purchase. When included, these terms will obligate one party or the other to do something, or in other ways will guide the interpretation of the contract. Several of the terms are included by default, because they are necessary components of the contract functioning, and provide basic protection of your interests.
The optional clauses are:
Legal PINs: this obligates the Seller to provide the formal Property Identification Numbers for the property used in the title system to identify properties. You should use this if you are buying a condominium with a storage locker or parking space, as these typically have separate PINs, or a property in a rural area, as these are sometimes poorly indexed and occasionally complex parcels will include multiple PINs. It is unnecessary if you are buying a home in a subdivision.
Conditional Inspection: This makes the offer conditional, meaning you have the ability to unwind the contract, pending the outcome of your physical inspection of the property. This is always highly recommended. Unless you are prepared to accept any physical defect of the property which might arise without a change to your offer price, this should be included. Another way to think of it would be to have one price for a conditional offer, so you can verify its physical condition, and a lower price without that condition, because you cannot be sure.
Conditional Status Certificate: (Condos Only) This makes the offer conditional upon a review of the Status Certificate of the Condominium corporation, of which the unit you are looking to purchase forms a part. A status certificate is an information package which includes the finances of the condo corporation, its original formation documents, and its rules and regulations. It is advised you engage a lawyer to assist you with understanding the Status Certificate. Further information on Status Certificates can be found here.
Conditional Financing: This makes the offer conditional upon your obtaining financing which you find satisfactory.
All conditions must have a date by which you will either need to waive them or the offer becomes null and void. Sellers will always want conditions with shorter deadlines. You can also demand a modification of the contract from the Seller as the price for your waiving the condition, such as if you found a defect in the property during an inspection, and wish the price reduced by an estimate of the cost of repairing the problem.
Sellers will always want offers with fewer conditions. You will need to balance your offer between the legal risks of not including conditions, or conditions with shorter deadlines, against the possibility that an offer with more conditions is less likely to be accepted. You should never make an offer which you would feel uncomfortable having accepted. Remember: it is the job of Sellers and their agents to sell a property for the maximum amount of money, regardless of any issues it may have. It is your job to make sure you understand what you are buying, and pay what you think is a fair price.