Make an Offer
You’ve found a home? Congratulations! Now, if you actually want
to make it yours, you have to make a successful offer, one that the seller
Preparing the offer
REALTORS® are expertly trained and will prepare the offer for you.
Here’s some terms you’ll see in the offer
- Buyer or Purchaser - That’s
- Seller or Vendor - The present
- Purchase Price - The most important
number - let’s hope
the seller goes for it
- Deposit - A cheque you write to the seller’s broker,
who deposits it in a trust account. This is your way saying “my offer
is serious.” The size of the deposit is up to you.
- Clauses particular to this agreement - Every transaction is
unique and your REALTOR® may add conditions important to you. Making
your offer conditional upon a proper Home Inspection is a good idea.
- Chattels included and fixtures excluded - Be sure you know
what is included with the house! The washer and dryer, the microwave, draperies,
light fixtures. Don’t leave anything to ‘chance’ because
chances are it won’t be there when you move in.
- Irrevocability of the offer - The length of time you give the
seller to consider your offer. Usually less than 48 hours.
- Completion date - The glorious day you take possession! Often
30 or 60 days after signing.
Submitting the offer
You’ve signed on the dotted line and your REALTOR® has whisked
your offer to the seller’s REALTOR®. This process works best
when you don’t meet the seller in person. The seller can accept your
offer - Fantastic, when do you move in?
The seller can reject your offer
It’s not common for an
offer to be completely rejected. Your REALTOR®
will likely investigate, to see if there was some sort of misunderstanding.
The seller can ‘sign back’ or counter your offer
wants to alter ‘some part’ of your offer. It’s almost
always the price. The seller will cross out the price on your offer and
write a higher number. Now it’s your turn to sign back and see if
you can bring that number down. It can feel a bit like a ping-pong match.
Emotions can run high, so both sides will be reminded that a little flexibility
goes a long way.
Next Step: Find a Home Inspector