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You are making an offer! – Buying a Home step 5

Your real estate agent will now put to good use their expertise in contract writing to ensure that the contract stipulates to the Seller your interest in this property, under the terms and conditions that you put forth. The contract should be concise, easy to understand and enforceable.
Unless you are writing a “no-subject” offer (there are many scenarios to writing offers and negotiating so ensure that your agent has the knowledge and expertise to guide you through these waters) your offer will contain:

  • An offering price
  • Deposit amount – generally 5-7%
  • Completion date: the day that you get title to your new home, and the Seller gets their money
  • Possession date: the day that you move in – yay!
  • Adjustment date: the day that you – the buyer – start paying for taxes, water, electricity etc. In other words: you own the home, you are responsible
  • Expiration of the offer: the date and time that the offer you wrote terminates Clauses that pertain to the conditions of the agreement Chattels and Fixtures that are included in the purchase price: fixtures are items that are affixed, but that you want to ensure are part of the purchase price. Generally speaking fixtures are noted in the standard contract as included (they are already written in), however chattels are not. Chattels are items that are not affixed to the property, but that you want included. These are items such as fridges, stoves, dishwasher, window coverings and if you want them they need to be written clearly into the contract. Bottom line, ensure that all the items that you want to be included are documented as included.

> Go to Step 6

 

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