Elements of an offer
We will guide you through the offer process, but in the meantime, for your information here are the six key components to an offer.
Price: Depending on the local market conditions, the price you are offered may be different from the asking price.
Deposit: Buyers will provide a deposit amount with their offer in the form of a certified cheque. Its intention is to show good faith and it will be applied against the purchase of the home when the sale closes. We will advise you as to whether or not it is an appropriate amount.
Terms: The terms of the offer include the total price offered and the financing details. The Buyer can arrange their own financing or ask to assume your mortgage if the interest rate is attractive to them, although this scenario is unlikely in today’s market.
Conditions: These might include a home inspection, financing, or the sale of your property. 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.
Completion date: The day the title of the property is legally transferred and the transaction of funds finalized.