You have found “the perfect home” and you want
to submit an offer to purchase. This is a legally binding document and as
such should not be initiated lightly. Take your time to consider the terms
and conditions you want to implement as part of the offer to purchase.
For example, you may need to sell your existing home and/or arrange financing
for the new home. These considerations must be part of the document.
It is prudent to obtain the assistance of your real estate agent, a lawyer
or a notary to ensure that the offer is as it should be. Read the document
and ask questions if you require clarification before signing. The offer
should outline all terms and conditions of the sale such as:
- The proposed purchase price
- Your name, the name of the vendor and the legal and civic address of
the property you are offering to purchase
- A list of all items included in the purchase price, for example fixtures,
appliances. The offer should also contain any additions or exclusions
- Specific details of all financial arrangements, for example, the amount
of your deposit, any mortgage arrangements should you be assuming the mortgage
etc.
- The closing date for the sale of the property
- Any conditions attached to the sale for example a home inspection, financing
approval, the sale of an existing home as well as any obligations to be
met by the vendor such as repairs
- The length of time the offer is in effect which can be hours or even
weeks
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