You’ve found a home? Congratulations! Now, if you actually want to make it yours, you have to make a successful offer that the seller will accept.
Preparing the offer
REALTORS® can prepare the offer for you. Here are some terms you’ll see in the offer.
•Buyer or Purchaser: That’s you.
•Seller or Vendor: The present owners.
The most important number. Let’s hope the seller goes for it!
•Deposit: A cheque you write to the seller’s broker, who deposits in a trust account. This is your way saying ‘my offer is serious’. The size of the deposit is up to you.
•Chattels included and fixtures excluded: Be sure you know what is included with the house! The washer and dryer, the microwave, draperies, light fixtures. Don’t leave anything to ‘chance’.
•Irrevocability of the offer: The length of time you give the seller to consider your offer. Usually less than 48 hours.
•Completion date: The glorious day you take possession! Often 30 or 60 days after signing.
•Clauses particular to this agreement: Every transaction is unique, and you may want to add conditions that are important to you, such as a proper Home Inspection.
•Your REALTOR® can help ensure no details are overlooked in your offer.
Submitting the offer
You’ve signed on the dotted line and your REALTOR® has provided your offer to the seller’s REALTOR®. This process works best when you don’t meet the seller in person.
•The seller can accept your offer
Fantastic, when do you move in?
•The seller can reject your offer
It’s not common for an offer to be completely rejected. If it was, your REALTOR® can investigate why and see if there was some misunderstanding.
•The seller can ‘sign back’ or counter your offer
The seller wants to alter some part of your offer – most likely the price. The seller will cross out the price on your offer and write a higher number. Now it’s your turn to sign back, and see if you can bring that number down. Good luck!