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Key Points in the Offer
PURCHASE PRICE
Determining the Right Price. A comprehensive comparative market analysis determines today’s market value for the home.
DEPOSIT
A Buyer typically submits a deposit on the purchase of the property. It demonstrates the Buyer’s sincerity and good faith in the purchase transaction. When a deposit is to be delivered can vary at the discretion of the Buyer to be accepted or negotiated by the Seller.
IRREVOCABLE
The party submitting the Offer to the other side agrees to allow the other side until this time and date to consider and accept the Offer. The submitting party is not permitted to withdraw their Offer prior to that time. The Seal beside their signature shows that the submitting party has received something of value for this irrevocable Offer.
COMPLETION DATE
This is the date the transaction is scheduled to be completed. Unless there is a provision elsewhere in the Agreement, the property is to be vacant. This date is not to be on a weekend or a statutory holiday.
CHATTELS INCLUDED
In this section of the Agreement, the Buyer would list the items that the Buyer wished to include in the purchase price. Subject to the Seller’s agreement, these might include appliances, and other items that were not attached. To avoid disputes later the items should be described in detail. This might include GE Stove, Kenmore Refrigerator and might involve adding serial numbers. The rule to follow is “when in doubt, spell it out”.
CONDITIONS
The most commonly used conditions in offers include condo document review (when purchasing a condo), financial approval / mortgage, home inspection and insurance. We can work out a suitable condition period. If your conditions are fulfilled and related agreements are signed before the conditions expire, the offer will be firm.
