Making an offer and closing the deal
Once you select your house, you need to make an offer to purchase the property. Offer is legally binding documents, needs lots of experience to prepare. Offer leaves little room for mistakes. Work diligently with your realtor to prepare the document. Offer is a part of negotiation too.
Once you select your house, you need to make an offer to purchase the property. Offer is legally binding documents, needs lots of experience to prepare. Offer leaves little room for mistakes. Work diligently with your realtor to prepare the document. Offer is a part of negotiation too. An experienced realtor exactly know what you need to do to ensure the purchase. Since the offer is legal binding, you might ask your lawyer to look at it. Offer usually includes-
- Names
Your legal name, the name of the vendor and the legal civic address of the property. - Price
The price you are offering to pay. - Things included
Any items in or around the home that you think are included in the sale should be specifically stated in your offer. Some examples might be window coverings and appliances. - Amount of your deposit
- The closing day
The closing day is the date you take possession of the home. It is usually 30 – 60 days after the date of agreement. But, it can be 90 days, or even longer. - Request for a current land survey of the property
- Date the offer expires
After this date the offer becomes null and void — that means it’s no longer valid. - Other conditions
Other conditions may include a satisfactory home inspection report, a property appraisal, and lender approval of mortgage financing. This means that the contract will become final only when the conditions are met.
What happens after the offer?
After you make the offer, the seller can accept the offer or make a counter offer by asking you to increase the price. During the process of this back and forth negotiations, you might have to increase the price a little and/ or compromise few things. Experienced realtors are very good at it. You might also land in bidding war. Your realtor would definitely help you to win the war.
Reference: CMHC website