Making or Receiving an Offer to Purchase

Whether you are a seller or a buyer, you should know that the Offer to Purchase or Agreement of Purchase and Sale is a legal document. If you're a buyer, make sure it's prepared carefully. If you're a seller, make sure you read the document throughly. Besides the standard clauses in every offer, the offer or agreement typically includes the following information:

Legal names of the seller and the buyer;

Legal civic address of the property;

If a condominium, the condo corporation number;

Purchase price offered;

Chattels that will be included in the purchase price (e.g. window coverings, appliances, electrical light fixutres, etc.).  Buyers should include whatever items in or around the home that they think are included in the sale. These should be specificially stated in the offer;

The amount of the deposit;

The closing (possession) date;

Title seach date;

Typical conditions and deadlines - Financing, Home inspection, status certificate (if a condo), current land survey, etc.;

Make sure you understand what you're signing!

The process of making an offer, receiving a counter-offer and revising it again is not uncommon. The process of making/receiving an offer can be exciting but also stressful. Understand the process and it will more exciting and less stressful.

 

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Al Moosa

Al Moosa

Broker
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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