1. Basic Details
This includes the address and legal description of the property,
and the names of the seller, purchaser and brokers involved.
2. Price
Depending on the market conditions, your opinion of the value of the
home and the information provided by your RE/MAX Associate, the price
you offer may be different from the seller's asking price.
3. Chattel - Inclusions and Exclusions
Items within the home that will be included in the purchase price such
as appliances, fixtures or decorations such as drapes or mirrors are
referred to as chattel. Don't assume that anything will be left behind.
If you want it, put it in writing.
4. Deposit
The deposit shows your good faith and will be applied against the purchase
of the home when the sale closes. Deposits are usually no more than 3-5% of
the purchase price, but a larger deposit can show the vendor that you're
serious. Your RE/MAX associate will advise you on the appropriate amount,
and you may wish to stipulate that some interest be paid on it in the meantime.
5. Terms
These include the total price of your offer as well as the financing details. You
may arrange your own financing or may ask to assume the seller's mortgage, especially
if it has an attractive interest rate. There will also be an expiration date and time
after which the offer is no longer valid.
6. Conditions
These might make your offer subject to home inspection, to your obtaining financing or
to your selling your property.
7. Closing or Possession Date
Generally, the date the title of the property is legally transferred and the transaction
of funds is finalized between 30 and 90 days from the date of the offer. This is often a
good negotiating point as vendors usually have a fixed date in mind.
8. Request for a Current Survey of the Property
If the seller does not have one, you may wish to make one obtaining a land survey a condition
of the closing. In most cases, the vendor will not pay for a new survey. As discussed earlier,
you can ask the seller to provide a "Declaration of Possession" or you could buy a "Title
Insurance" policy instead. If however, you are planning to add to the house or build a garage,
the best idea is to request a new survey - you'll likely need it to get your building permits.
