The Agreement of Purchase and Sale is the form used to make an Offer. It’s a good idea to get familiar with this document when you start looking for your new home. We can provide you with a blank Agreement so that you can take your time and read it before you are in an offer situation.
Some of the major elements of the offer are:
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PRICE
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depends on local market conditions and with information provided by us, generally the price you offer is different from the seller’s asking price.
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DEPOSIT
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the deposit shows your good faith and will be applied against the purchase price of the home when the sale closes. We can advise you on the appropriate amount of deposit.
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TERMS
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include the total price you, the buyer are offering as well as financing details. You may be arranging your own financing or you may ask to assume the seller’s existing mortgage if he or she has an attractive rate.
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CONDITIONS
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these might include “subject to home inspection”, “subject to obtaining financing” or “subject to the sale of the purchaser’s property” or in the case of a condominium, “subject to your lawyer’s review of a Status Certificate” and appropriate condominium documentation and finding all satisfactory.
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INCLUSIONS/
EXCLUSIONS
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inclusions are items which are included in the sale of the house, examples might include appliances and light fixtures or decorative items such as window coverings and curtain rods. Exclusions are items excluded from the sale of the home, which might be a children’s play structure, or a chandelier which has special meaning to the seller.
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CLOSING DATE
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the day the title of the property is transferred to you, the buyer; and funds are received by the seller.
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We, your real estate professionals, will communicate your offer to the seller’s agent. Sometimes, there may be more than one offer on the property. These offers can be firm (with no conditions) or conditional. The seller has the option of accepting, rejecting or submitting a counter offer. With a counter offer, you, as a prospective buyer may decide to change terms in reference to the price, the closing date or any conditions based on the seller’s input. The offer will go back and forth until both parties have agreed or one of the parties ends the negotiations. We will offer you counsel throughout this negotiating phase.
