MAJOR ELEMENTS OF AN OFFER
When it comes time to make an offer, your Real Estate Agent can provide current market information and will assist you in drafting your offer.
Your Real Estate Agent will communicate your offer, known as an Offer To Purchase, to the seller, or the seller’s representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. Your Real Estate Agent can guide you through this process.
If you are a seller that is selling their property without the help of a Real Estate Agent, it would be wise that you contact your Real Estate Lawyer for guidance. You should consider your Real Estate Lawyer for drafting your Agreement of Purchase and Sale or to verify an existing Agreement of Purchase and Sale. Your lawyer can provide their experience in the drafting of a proper Agreement of Purchase and Sale.
The offer can be Firm or Conditional.
Firm Offer To Purchase: usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.
Conditional Offer To Purchase: means that you have placed one or more conditions on the purchase, such as “subject to home inspection,” “subject to financing” or “subject to sale of buyer’s existing home.” The home is not sold until all the conditions have been met.
Acceptance of the Offer
Your Offer To Purchase will be presented as soon as possible. The seller may accept the offer, reject, or submit a counter-offer.
The counter-offer may be in reference to the price, the closing date, or any number of variables.
The offers can go back and forth until both parties have agreed or one of you ends the negotiations.