There are six key components to the elements of an offer. They are:
- Price: Depending on local market conditions and information provided by me, the price you offer may be different from the seller’s price.
- Deposit: Your deposit shows good faith and will be applied against the purchase of the home when the sale closes. As your Real Estate Professional I can advise you on an appropriate amount.
- Terms: Includes the total price offered and the financing details.
- Conditions: These may include home inspection, financing, or selling your property.
- Inclusions and Exclusions: These may include appliances and certain fixtures or decorative items, such as window coverings or mirrors. These items would remain in the house.
- Closing or Possession Date: The day the title of the property is legally transferred and the transaction of funds finalized.
When it comes time to making an offer, you will require current market information and assistance. As your Real Estate Professional, I will communicate your Offer to Purchase to the seller, or the seller’s representative, on your behalf.
Firm Offer: Preferable to the seller as it means buyers are prepared to purchase the home without any conditions.
Conditional Offer: One or more conditions on the purchase exist, such as home inspection, financing or sale of buyer’s existing home. The home is not sold until all the conditions have been met.
Acceptance of Offer: An Offer to Purchase is presented to a seller who may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, closing date, or any number of variables. Offers can go back and forth until both parties have agreed to terms or either side ends the negotiations.