Offer Dates & What To Expect

Today we’re going to talk about offer dates and what to expect. Now that you’ve found the home you want to buy, now it’s time to make an offer. Here’s what you need to know.

Your offer must include:

1. Your legal name, the name of the seller and the address of the property. This one is pretty self-explanatory. Make sure you use your legal name & that of the seller and that you confirm the address of the property.
    
2. The amount you’re offering to pay (the purchase price) and the amount of your deposit. The amount of the offer is what the buyer intends to pay the seller for the home. Included in the offer is the deposit. It is typically 5% of the purchase price and is held in trust by the listing brokerage.
   For much more on the details of making a deposit on a home please visit our blog “What You Need to Know About Real Estate Deposits in Toronto” 
    
3. Any extra items you want included in the purchase. Extra items can include window coverings, light fixtures, furniture… Photographing everything you want included as an extra item is a good idea for future reference.
    
4. The date you want to take possession is also known as the closing day. The closing date is when the transaction is finalized and you officially become the new homeowner.
   Be aware that there will be additional closing costs that you need to pay on the closing date. They include land transfer tax, legal fees, and the fees your lawyer has already paid on your behalf. Please visit our blog Closing Costs ~ Some Of The COSTS You Need To Consider.
    
5. A request for a current land survey. A current land survey helps a buyer determine before closing the transaction whether the property can be used for what they intend. A survey will reveal the size and shape of the property & set markers on corners. A written description of any “improvements” made on the property including buildings, fences, setbacks, utility easements…
    
6. The date the offer expires. It is usually 24-48 hours after the offer is made. If the offer is signed by both buyer and seller before it expires it is considered legally binding. If only the buyer has signed it, the seller has the option of accepting it but is not required...
    
7. A conditional offer means that certain conditions must be met for the offer to stand. Any other conditions that must be met before the contract is finalized. Common conditions can be a home inspection & approved financing. Other conditions can include the home being live-in ready for the new owners, a visit(s) prior to closing, specific repairs… Condos and homes with tenants can have other specific conditions added.

While the process of buying and/or selling a home can be stressful, it’s all about making the best deal for you and the seller. Working with an experienced real estate professional means you have someone on your side that knows the ins and outs of the business and it is our job to make sure that you are informed and protected.

These comments are of a general nature and not intended to provide legal advice as individual situations will differ and should be discussed with a lawyer.