Once you have chosen a real estate agent you would like to work with, arranged your mortgage pre-approval, and found your idea property, it’s time to look at putting together an offer.
Here is a list of some things you will need to know:
- When purchasing a home in Canada, the offer to purchase must be made in writing so that all aspects of the transaction are clearly outlined within the offer.
- Once you have signed the document, it becomes a legally binding contract.
- Indicate in the offer your purchase price, amount of deposit and all chattels included to remain on the property such as fixtures, appliances, sheds, etc.
- Review with your agent, which conditions you would like inserted into your offer (such as Home Inspection, Property Disclosure Statement and/or financing). These conditions all state that the offer will only proceed subject to these conditions being satisfied by the purchaser.
- Once you have completed your offer with your initial deposit attached, it will be presented to the seller and negotiations be made. These negotiations may include purchase price, a possession date, or inclusions. Any changes made to the offer will be will be initialled by the seller and returned to you, the buyer, for your initials.
- Once your offer has been accepted your deposit is placed into a trust account and it is credited towards your down payment. After all conditions have been met, this then becomes a final sale and all documentation is forwarded onto a lawyer of your choice to close the transaction.