|
Major
Elements of an Offer
Price
Depending on
local market conditions, your opinion of value and marketing
information provided by your Royal LePage Realtor, the price
you offer may be different from the seller's asking price.
Deposit
The deposit
shows your good faith and will be applied against the
purchase of the home when the sale closes. Your Royal LePage Realtor can advise you on an appropriate amount.
Terms
Includes the
total price offered and the financing details. You may
arrange your own financing or ask to assume the seller's
mortgage, especially if it has an attractive interest rate.
Conditions
These might
include "Subject to home inspection", "Subject to buyer
obtaining financing", or "subject to buyer selling their
property".
Inclusions
and Exclusions
These might
include appliances and certain fixtures or decorative items,
such as window coverings or mirrors.
Closing or
Possession Date
Generally, the
day the title of the property is legally transferred and the
transaction of funds finalized unless otherwise stated
(except Manitoba and Quebec).
Note: In B.C.
the Possession Date is legally 1 to 3 days after the
closing.
Making an
Offer
When it comes
time to make an offer, your Royal LePage Realtor can provide
current market information and will assist you in drafting
your offer.
Your Royal
LePage Realtor will communicate your offer, sometimes known
an Offer to Purchase, to the seller, or the seller's
representative on your behalf. Sometimes there may be
more than one offer on a property coming in at the same
time. Your Royal Lepage Realtor can guide you through
this process.
Offer to
Purchase: a legal document which specifies the terms and
conditions of your offer to purchase the home.
The offer can
be Firm or Conditional.
Firm Offer
to Purchase
Usually
preferable to the seller, because it means that you are
prepared to purchase the home without any conditions.
If the offer is accepted, the home is yours.
Conditional
Offer to Purchase
Means that you
have placed one or more conditions on the purchase, such as
"subject to home inspection", "subject to financing", or
"subject to sale of buyer's existing home". The home is not
sold until all the conditions have been met.
In the
province of Quebec, this is referred to as a "Promise to
Purchase"
Acceptance of
the Offer
Your offer to
Purchase will be presented as soon as possible. The
seller may accept the offer, reject it or submit a
counter-offer.
The
counter-offer may be in reference to the price, the closing
date, or any number of variables. The offers can go back and
forth until both parties have agreed or one of you ends the
negotiations.
Wendy & Doug -
Oakville Real Estate Specialists- offer the experience to
handle any buyer or seller situation, please call us today !
|
