Making an offer
There are six key components to a real estate offer:
Price: Depending on the local market conditions and other factors, the price you offer may be different from the seller’s price. We will advise you on the market value of the property/properties you are considering and we will work together to establish an appropriate offer price.
Deposit: Deposits are made at the time of offer in the form of a certified cheque. It shows good faith and will be applied against the purchase of the home when the sale closes. Deposits vary from market to market, but in Toronto a deposit of between 5 and 10 percent is standard. We will advise you as to the appropriate amount for your offer.
Terms: The terms of the offer include the total price offered and the financing details. You can arrange your own financing or ask to assume the seller’s mortgage, depending on whether or not it has an attractive interest rate.
Conditions: These might include a home inspection, financing, or the sale of your property. We will review the possible conditions with you in detail prior to drawing up your offer. A firm offer is an offer without conditions, which is typically more attractive to sellers.
Inclusions and exclusions: These are items that are included or excluded as part of the sale. They may include appliances, light fixtures, window coverings, etc. We itemize which items will be included and excluded from the subject property in each offer.
Completion/closing date: The day the title of the property is legally transferred and the transaction of funds finalized.
Negotiation may be required as part of the offer process. Once you’ve found the home you wish to purchase, we will create a negotiation strategy to be used should the situation require it. We have a very successful track record in negotiation situations and will represent you and your interest in an firm, informed and considerate manner.