What are the main
elements of an offer?
Price
The price you offer reflects your
opinion of the value of the house and is determined
by the condition of the property and local market factors.
You can make any offer you like. It does not have to be the
same as 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
Include 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
Conditions are items that must be completed or fulfilled
prior to an offer being concluded. These can include subject
to home inspection, subject to you obtaining financing, or
subject to you selling your existing property.
Inclusions and exclusions
Your offer may be contingent on certain items being either
included or excluded in the sale. These might include
appliances, fixtures, and decorative items, such as window
coverings or mirrors.
Closing or possession date
The closing date is generally the day the title of the
property is legally transferred and the transaction of funds
finalized, unless otherwise specified (except in Manitoba
and Quebec). In British Columbia the possession date is
legally one to three days after closing. |
