There are several details to consider when submitting an offer on a property. Tim will guide you through and make suggestions to assist you along the way.
The major elements of an offer are as follows:
Price: Depending on the local market conditions, your opinion of value and market information provided by Tim, 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 price of the home when the sale closes. Tim will advise you on the appropriate amount.
Conditions: These may include a “subject to obtaining suitable financing”, “subject to a home inspection”, or “subject to purchaser selling their property”. Tim will assist you with any of these decisions.
Inclusions & Exclusions: These might include appliances, light fixtures, or window covering to a list of a few.
Closing: Commonly referred to as the possession dat. Generally the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified. Once you have determined what you wish to offer for a property, and consider any conditions, Tim will have it drafted as an “offer to purchase”, and you will sign the contract. Once the vendor receives the offer, they have three choices. They may accept the offer as submitted, reject the offer, or they may counter offer. Once the offer is accepted it becomes legally binding as soon as you are notified.