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 from you to the buyer. You receive the balance of funds owed to you, and the buyer receives the key to the home.

Deposit

The deposit shows the buyer’s good faith and will be applied against the purchase price of the home when the sale closes. Miia can advise you on the suitability of the deposit being offered.

Inclusions and Exclusions

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

Conditions

A buyer’s 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 all conditions have been fulfilled or waived in writing by the buyer. Alternatively, a buyer’s offer could be “firm”, meaning that the buyer is willing to buy the home without any conditions.