REALTORS® Association of Edmonton
 
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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 will accept.

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 you
  • Seller or Vendor - The present owners
  • 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

The seller 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

©2006 The Canadian Real Estate Association. All Rights Reserved.

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©2011 REALTORS® Association of Edmonton 14220 112 Avenue, Edmonton, Alberta T5M 2T8T: 780-451-6666 TF: 1-888-674-7479 F: 780-452-1135

 

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identify real estate professional who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

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The REALTORS® Association of Edmonton (Edmonton Real Estate Board), founded in 1927 , is a professional association of over 3,200 Brokers and Associates in the greater Edmonton area. The Association administers the Multiple Listing Service®, provides professional education to its members and enforces a strict Code of Ethics and Standards of Business Practice.

The Association advertises property listings and publishes consumer information on the Internet at REALTOR.ca, as well as in the Real Estate Weekly.
The REALTORS® Association supports charities involving shelter and homelessness through the REALTORS® Community Foundation.