Make an Offer


You’ve found the perfect home? Congratulations! Now, if you actually want to make it yours, you have to make a successful offer, one the seller will accept. REALTORS can prepare the offer for you. Here are some terms you’ll see:

Buyer

That’s you.

?Seller
The present home owners.

Purchase price
The most important number: what you’re willing to pay for the home. Let’s hope the seller goes for it.

Deposit

A cheque you write to the seller or the seller’s broker. This is your way of saying, “my offer is serious”. The amount is up to you.

Chattels and fixtures

Be sure you know what is included with the house. If you’re expecting the seller to leave behind the appliances, draperies or light fixtures, be sure to include that in your offer. 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.

Clauses particular to this agreement

Every transaction is unique and you may want to add conditions that are important to you, such as a home inspection.

Submitting the offer

You’ve signed on the dotted line and your REALTOR® has provided your offer to the seller.

The seller accepted your offer

Fantastic, when do you move in?

The seller rejected 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 a misunderstanding.

The seller “signed back” or “countered” 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, or delete or alter some conditions. Now it’s your turn to sign back with any additional changes or your acceptance of the counter offer. Good luck!

Finding a Home Inspector

 

When you’re buying a home, you’ll want to scrutinize every last detail. Hiring a professional to visually inspect your home for defects and overall condition – or, a home inspection – typically costs a few hundred dollars and can save you from unpleasant surprises and long-lasting regrets.

Many home buyers arrange a home inspection as a condition of their purchase. That way, should the inspector uncover any issues, you have the option to back out of or renegotiate the offer accordingly.

While your REALTOR can help recommend home inspection companies to choose from, make sure your inspector is a member of a recognized professional organization. It helps provide some assurance they have the training and experience for the job. An inspection generally lasts a few hours and, when complete, you’ll get a written report summarizing the condition of your home.

What Does An Inspector Look For?

 
  • Plumbing and electrical systems
  • Heating, ventilation, air conditioning (HVAC) units
  • Roofing
  • Visible insulation
  • Walls and ceilings
  • Floors and windows
  • Integrity of the foundation
  • Presence of lead paint, asbestos, mould or pests (termites or mice)
  • Out-dated or dangerous wiring
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