SELLERS

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BUYERS

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The Major Elements of an Offer

  1. PRICE
    Depends on the market and the buyer, but generally, the price offered is different from the asking price.
  2. DEPOSIT
    The deposit shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes. Bob Leggett can advise you on the suitability of the amount of the deposit being offered.
  3. TERMS
    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 your existing mortgage if you have an attractive rate.
  4. CONDITIONS
    These might include "subject to home inspection", "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).

NOTE: In B.C. the possession Date is usually 1 to 3 days after the closing.