Searching through all the available real estate looking for that perfect home in Brampton can be both a nervous and exciting time. But when you finally find that perfect home for your family, the next step in buying that home will be in making an offer on the house. The offer is essentially a proposal on your part and will detail some key areas that you need to be aware of. Once the buyer and seller agree to these components of the offer, it becomes accepted and the house is officially sold on a conditional basis.
There are six key components to the elements of an offer. They are:
Price
Depending on current market values and other important information, your real estate agent will help you determine the best price to include in the offer. The price you offer may differ than the selling price of the home.
Deposit
Your deposit shows good faith and will be applied against the purchase of the home when the sale closes. In Brampton, deposits generally range between $5,000 – $10,000 for the purchase of a new residence.
Terms
Includes the total price offered and the financing details. You arrange your own financing or ask to assume the seller’s mortgage, especially if it has an attractive interest rate.
Conditions
These might include “subject to home inspection”, “subject to you obtaining financing”, or “subject to you selling your property”. These conditions are included for the benefit of you, the seller, and if these conditions are not met to your satisfaction, you can withdraw your offer to purchase.
Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors. These items would remain in the house and are yours when you move in.
Closing or Possession Date
Generally, the day the title of the property is legally transferred and the transaction of funds finalized. This is the day you get the keys to your new home!
Your real estate agent will thoroughly explain the offer to you during the offer time. Remember, your real estate agent is working on your behalf and in your best interest. Don’t be afraid to ask as many questions as you need to. The better informed you are, the better decisions you’ll be able to make!
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Hi Surjit Upon acceptance of an offer, your deposit cheque will be deposited into the listing brokerage's trust account the next day. This is why many brokerages require either money orders or certified cheques. If the deal does not firm up, your deposit cheque will be returned to you after a mutual release is signed by both parties. If your transaction does firm up, your deposit cheque will be held in the trust account and used as part of your downpayment on your purchase. Lang
The deposit we put with the 1st offer , that cheque cashed right away or with the closing payment