Procedure Once Ready To Buy

An offer will typically include:

  • Your legal name, the name of the Seller and the legal address and description of the property.
  • The purchase price offered.
  • The chattels that will be included in the purchase price (e.g.: window coverings, appliances, satellite dish, etc.). Whatever items in or around the home that you think are included in the sale should be specifically stated in your offer.
  • The amount of deposit (generally a minimum of 5% of the purchase price).
  • Request for a survey of the property.
  • Date when the offer becomes null and void (known as the irrevocable).
  • Any other conditions that go with the offer such as Home Inspection and Condition of Finance if necessary.
  • As your sales representative, I will provide you with all the comparable properties that have recently sold so that you can make an informed decision on what price you will offer to the Seller.


The diagram below outlines the entire process for you in detail.

Steps for the Offer to Purchase

You
I will prepare the Agreement of Purchase and Sale and all other relevant legal documents.
I will walk you through all aspects of the offer.
I will then present the offer to the Seller, who will (1) accept, (2) make a counteroffer  or  (3) reject/not respond
SELLER
Situation 1
The Seller accepts your offer. The deal is concluded.
   
Situation 2
The Seller may make a counteroffer, asking for a higher price or different terms.
You sign the offer back to the seller with a higher price than your original offer, but lower than the Seller’s counteroffer and/or possibly with a revision to the terms of the offer.
The Seller accepts this counteroffer. The deal is concluded.
Situation 3
The Seller may make a counteroffer, asking for a higher price or different terms. If a counteroffer is returned to you at a higher price, ensure that you know exactly how much you can afford before you start negotiating. You don’t want to get caught up in the heat of the moment with costs you can’t afford.
You reject the counter offer and decide not to make a subsequent counteroffer
The sale doesn’t go through and your deposit is returned to you.
 

Once the deal is finalized, the deposit must be in the Seller's Real Estate Brokerage’s Trust Account within 24 hours of acceptance (unless otherwise arranged within the agreement).  A certified deposit or bank draft submitted with the offer is always the best and strongest way to negotiate.

Roger will get the necessary documents to your lawyer and I will schedule and accompany you on buyer's visits to your new home during the period leading up to your closing.