Elements of an offer
An Offer to Purchase has legal implications. Therefore, YOU MUST UNDERSTAND the whole contract. A GREAT REAL ESTATE AGENT knows the different clauses of the contract and will add some other clauses to make sure you are well protected.
- According to the prevailing market conditions, the price the Purchaser offers might be different than the price you are asking.
- The deposit shows the Purchaser’s “GOOD FAITH” and might vary from one region to another and from one type of property to another. ASK YOUR AGENT.
- The terms stipulates the total price to be paid, the financial details and other terms relevant to the specifics of an agent.
- Some clauses may be inserted in the body of the Offer to specify certain conditions of the Agreement. Example: “Subject to a property inspection or subject to the review of a survey by the Purchaser’s lawyer.”
- Closing and Possession Date
- In Ontario, the closing or possession date is the day the title will be transferred legally to the Purchaser and the funds will be exchanged. The possession is often the same date although you may be physically moving earlier.
- Inclusions and Exclusions
- These might include appliances, certain fixtures, or decorative items, window coverings or mirrors.