The Major Elements of an Offer
“The Agreement of Purchase and Sale”
Terms and conditions for any Agreement of Purchase and Sale /Offer MUST be tailored to the facts and circumstances of the Parties in any transaction.
It is extremely important at time of offer preparation that you express all your concerns, needs and wants to your Royal LePage Team Realty Sales Representative so that they can address your concerns, needs and interests when preparing the offer. Remember they are there to taylor make the offer to suit your needs.
Depending on the local market conditions, your opinion of value based on market information provided by your Royal LePage Team Realty Real Estate Professional, the price you offer may be different from the seller’s asking price.
The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. Your Royal LePage Team Realty Real Estate Professional can advise you on an appropriate amount. Your representative may also advise you to provide two separate deposits to be delivered to the seller or their agent at different times. The first deposit at time of offer and the second deposit after all conditions have been removed.
Includes the total price offered, the financing details, chattels in good working order, right to revisit prior to closing, survey etc. You may arrange your own financing or ask to assume the seller’s mortgage, especially if it has an attractive interest rate.
These might include “subject to home inspection”, “subject to you obtaining financing”, “subject to you selling your property” “subject to obtaining home insurance”, “subject to Seller property Information Statement” etc.
5. Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
Time the Seller has to accept the Buyer’s offer and in which time the Buyer cannot retract their offer. Note: If Seller is countering the Buyer’s offer, it is the same as a new offer from the Seller to the Buyer and can be done after the expiration of the Buyer’s irrevocable time.
7. Closing or Possession Date
Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified.