Reviewing an Offer

That time that you were waiting for is here! You have an offer! At Your Community Realty™, we believe in ensuring you have the knowledge and information necessary to make an informed decision. While your Realtor® will review all elements to an offer and answer any questions you may have, here is some information to help you along the way.

Offer Elements Explained

Price

This is the price the buyer is offering you. This is usually the most negotiated element of an Offer.

Deposit

The deposit is offered by a buyer and is an act of good faith. The deposit is applied to the purchase price when the sale closes.

Terms

Include the total price offered and the financing details.

1. Conditions
Conditions are items that must be completed or fulfilled prior to the offer being concluded. These can include subject to home inspection, subject to obtaining financing, or subject to lawyer’s approval.

2. Inclusions and exclusions
The offer may be contingent on certain items being either included or excluded in the sale. These might include appliances, fixtures, and decorative items, such as window coverings or mirrors.

3. Closing or possession date
The closing date is generally the day the title of the property is legally transferred and the transaction of funds finalized, unless otherwise specified (except in Manitoba and Quebec).

Firm Offer to Purchase: This usually means final and that the buyer is prepared to purchase the home without any conditions. If your accept the offer, your home is considered sold!
Conditional Offer to Purchase: This usually means that the buyer has placed one or more conditions in the offer to purchase your home. Exampled would be subject to home inspection or subject to financing. The home is not sold until all the conditions have been met.

Acceptance of the Offer: Depending on the situation, offers will be communicated/presented to you by the Realtor representing the buyer or your Realtor®. The options of receiving offers should be discussed with your realtor and will depend on whether or not you or the buyers are in town, out of town etc. You may accept, reject or counter the buyers Offer to purchase. Once you and the buyer have agreed to the terms and conditions, the offer becomes accepted, which ends the negotiation process.

For more information on the elements of an offer or on your home selling process, please feel free to contact us.