Information for First Time Home and Condo Buyers
Major Elements in an Offer
Depends on the market and the buyers, but generally, the price offered is different from the asking price. You want to try to pay the lowest price for the home you want.
The deposit shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes. Your Real Estate Professional can advise you on the suitability of the amount of the deposit being offered although it is usually about 5-10% of the purchase price or $5,000 to $10,000 are accepted as well.
Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume an existing mortgage if the seller has an attractive rate.
These might include "subject to home inspection", "subject to the buyer obtaining financing", or "subject to the sale of the purchaser's property."
5. Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
6. Closing or Possession Date
Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified (except in Manitoba and Quebec).
Please feel free to contact us should you have any questions or are ready to embark on your home buying and selling journey!