The Major Elements of an Offer

Price

The offer price will obviously be important to you and will be a major part of the negotiations.

Closing Date

Usually, this is the day that the title of the property is legally transferred to you from the seller. You receive the key to your new home, and the seller receives the balance of funds owed to them.

Deposit

The deposit shows your good faith and will be applied against the purchase price of the home when the purchase closes. Miia can advise you on the suitability of the deposit amount to offer.

Inclusions and Exclusions

The offer will specify which chattels (items not fixed to the property, such as appliances) will be included in the purchase, and which fixtures (items fixed to the property, such as wall-mounted TV sets) will be excluded.

Conditions

Your offer could be conditional upon obtaining more information, such as having a property inspection completed or obtaining approval of financing. A home sold conditionally is not sold “firm” until you have fulfilled or waived all conditions in writing. Alternatively, your offer could be “firm”, meaning that you are willing to buy the home without any conditions.

 


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