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Making an Offer

May 27, 2009 REAL ESTATE No Comments

writing_check_small1You’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 are 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 in a trust account. This is your way saying ‘my offer is serious’. The size of the deposit is up to you.

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.
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.

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