What are the five main areas that the sellers and the buyers must agree on?

• A. Price, Terms, Possession, Contingencies, Extras
• B. Price, Terms, Possession, Contingencies, Financing
• C. Price, Financing, Covenants, Inspections, Closing Date
• D. Price, Terms, Possession, Contingencies, Deposit

Answer: (A)

The main areas are price, terms, possession, contingencies, and extras. The price states how much the buyer will pay. Terms cover how that price will be paid and other arrangements tied to the deal, like closing costs and adjustments. Possession fixes the date the buyer takes ownership and can move in. Contingencies are conditions that must be met for the deal to close, such as financing approval, a satisfactory inspection, or title clearance. Extras specify what personal property or fixtures stay with the property (inclusions) or are excluded. In Manitoba practice, financing is typically addressed as part of the terms or as a contingency, not as a separate category, and the deposit is part of the terms. So this set captures the essential elements that define the agreement between buyer and seller.