Once you have found your NEXT home, it is time to write your Offer to Purchase. An offer is a legal document, which is why it is important to work with a REALTOR ®
The items typically included in the offer are:
Offer Price: the list price is what the seller is asking but does not need to be what you offer. By comparing similar properties your REALTOR ® will be able to provide all the necessary and relevant information required to make an informed decision.
Deposit: your deposit must be available at the time of offer and is an indicator to the sellers about how serious you are about the purchase. Deposits are typically held by the seller's brokerage in a trust account.
Terms: a term is a detail in the offer that the buyer and seller agree to. Some common terms include:
Offer Price: the list price is what the seller is asking but does not need to be what you offer. By comparing similar properties your REALTOR ® will be able to provide all the necessary and relevant information required to make an informed decision.
Deposit: your deposit must be available at the time of offer and is an indicator to the sellers about how serious you are about the purchase. Deposits are typically held by the seller's brokerage in a trust account.
Terms: a term is a detail in the offer that the buyer and seller agree to. Some common terms include:
Possession (Closing) Date: this is the date you will take possession of the property. Possession typically occurs around noon but is based on a release from the lawyers.
Inclusions & Exclusions (Chattels): these are the items that you want to include or exclude in your purchase. This typically includes things such as a washer, dryer, fridge, oven, microwave, etc. Inclusions & Exclusions are subject to negotiation between parties – when in doubt, write it out and make sure you are specific.
Time for Acceptance (Expiry): this is the time frame you elect for the seller to respond to your offer. Your REALTOR® can advise on a good time frame to ensure adequate consideration by the sellers.
Conditions: these are items that will protect your interests and must be met (accepted) in a conditional offer before the contract is final and binding. Conditions which are typically included are:
• Financing (Approval of Mortgage)
• Home (Property) Inspection
• Property Appraisal
All conditions must have an expiry date. Your REALTOR® will be able to advise on a good timeline to ensure conditions can be satisfied.
Conditions: these are items that will protect your interests and must be met (accepted) in a conditional offer before the contract is final and binding. Conditions which are typically included are:
• Financing (Approval of Mortgage)
• Home (Property) Inspection
• Property Appraisal
All conditions must have an expiry date. Your REALTOR® will be able to advise on a good timeline to ensure conditions can be satisfied.