Making your home offer
When we have found your new home we will draft a written offer, called the Agreement of Purchase and Sale. This legally binding contract outlines what you are offering (terms, price and conditions) in exchange for your new home. Once we have reviewed and signed the offer, Cameron or Angela will contact the Seller's sales representative to arrange the earliest time for presenting the offer. We will present the offer on your behalf to the Seller and the Seller’s representative. After the Seller has reviewed the Agreement of Purchase and Sale, it can be accepted, rejected or changed as a counter-offer by the Seller. A counter-offer in turn can be accepted, rejected or changed as a counter-offer by you, the Buyer. The counter-offers can go back and forth until the offer if accepted by both the Seller and the Buyer or until either the Seller or the Buyer rejects the offer and ends the negotiations.
You will need to consider and include the following in your offer/Agreement of Purchase and Sale:
- Address and Legal Description of the Home you are buying
- The Purchase Price you are offering and willing to pay
- The Deposit Amount that you will provide. This deposit is typically due within 24 hours of acceptance of the offer and is payable to the Listing Brokerage firm to be held in a Trust Account. On the Completion Date your deposit will become part of your Down-payment
- Who is making the offer and what is the end date and time for this offer
- Completion Date i.e. the date that you are taking possession of the house and get the keys to your new home
- What Chattels you would like to have stay with the house such as: appliances, window coverings, light fixtures etc.
- What Fixtures are being excluded from the Agreement of Purchase and Sale, such as a specific room's light fixture
- The Conditions and Clauses that need to be met before the Agreement of Purchase and Sale becomes a Firm Agreement such as: The arranging of suitable financing, having a Home Inspection done with results satisfactory to you, the Buyer, and the Seller providing a Survey to the Buyer
- A Final Walkthrough provision for you to view the home just before closing
Once we have an accepted Agreement of Purchase and Sale, copies of these documents need to be sent to your Mortgage Financing provider, and your Lawyer. If the Agreement of Purchase of Sale is conditional we will assist you with the process of meeting these conditions. Once the conditions are met to your satisfaction we will prepare and sign a document called a "Notice of Fulfillment". This in turn will make the agreement a "Firm" Agreement of Purchase and Sale.