Any offers pertained to your property will be sent to your agent who will then present and review all details including the benefits and risks. You will have the opportunity to either accepts, counter or reject an offer based on its merits. Sellers should note offers are only open for a specific amount of time, generally no longer then 24 hours but most do have a small time window for the sellers to respond. Its always best to reply sooner then later as buyers will still have an opportunity to retract their offer if time as passed and have not heard back causing you to lose that offer.
Buyers don’t want to overpay, while sellers want to make sure the deal makes sense for their financial plan. Price is one of the most important aspects of a deal, but a lower price with better terms could be just as appealing if not more.
A Buyer typically submits a deposit on the purchase of the property. It demonstrates the Buyer’s sincerity and good faith in the purchase transaction. When a deposit is to be delivered can vary at the discretion of the Buyer to be accepted or negotiated by the Seller. Typically the seller will provide deposit directions in there listing, Agreement of Purchase and Sale Contract stats you have 24 hours upon acceptance for the buyer to provide the deposit or could be added within the offer, unless stated else where within the offer.
Conditions / Contingencies aded to the offer.
Sellers should note numerous conditions exist and the ones listed herein are just a few examples.
Financing Although all cash offers are still seen today, the finance condition is common. Buyers usually request 7-10 business day period to fulfil this contingency.
Home Inspection Home Inspection condition is common. Buyers usually request 7-10 business day period to fulfil this contingency. More and more we see homeowners now getting pre-listing home inspections at the sellers cost which as led to offers without a home inspection clause saving time during the buying process.
Condo Declaration Buyers will want their lawyer and mortgage lender to review the condo declaration to evaluate the risks, the rules and management style. Sellers should note the document usually takes 10 business days to receive then another 3-4 business days for the appropriate professionals to review.
This is the dates that stipulates when the buyer will have all conditions fulfilled / waived. Sellers should note during a contingency period the buyer could still get out of the deal by deciding to walk away based on not be satisfied - requesting to receive their deposit back in full.
The party submitting the Offer to the other side agrees to allow the other side until this time and date to consider and accept the Offer. The submitting party is not permitted to withdraw their Offer prior to that time. The Seal beside their signature shows that the submitting party has received something of value for this irrevocable Offer.
This is the date the transaction is scheduled to be completed. Refers to the day when the final payments on the home are made, and the homes ownership is transferred to the new buyer. Unless there is a provision elsewhere in the Agreement, the property is to be vacant. This date is not to be on a weekend or a statutory holiday. Completion date process is to be conducted by the buyers and sellers notary or lawyer.
In this section of the Agreement, the Buyer would list the items that the Buyer wished to include in the purchase price. Subject to the Seller’s agreement, these might include appliances, and other items that were not attached. To avoid disputes later the items should be described in detail. This might include GE Stove, Kenmore Refrigerator and might involve adding serial numbers. The rule to follow is 'when in doubt, spell it out'.
These are items that are affixed to the home. i.e. light fixtures. If the Seller wished to remove an item i.e dinning room light fixture, not included in with the sale, this would have to be detailed in this section so no confusion occurs when buyers take possession.
This has become an important issue in recent times. There are a number of items that potentially are not owned by the Seller but rather leased or rented. The Seller would have to identify these to a Buyer. An important issue these days is the “hot water tank”. These may be rented or more frequently now, on a contract for “lease to own”
If the property is subject to Harmonized Sales Tax this section will indicate how the hst will impact the sale price. Included in with the sale price or in addition to.
There are a number of searches that a lawyer may undertake when working on a real estate purchase. This section sets out the times for those searches to be done. These searches may include the title search or work orders among others.
Negotiations can take days to complete depending on how complex the offer is. If both parties have agreed to all of the terms of the offer and have signed the acceptance of the agreement, we are on the road to sold. The Agreement of Purchase and Sale is the document used to state the Buyer’s desire to purchase the property, and to negotiate the terms of the sale. It is often referred to as an “Offer”. This document also allows the Buyer an opportunity to set out in detail all of the terms and conditions they wish to be part of their Offer when buying the Seller’s property. With many components that effect an offer, here are the main components both parties will be paying close attention too in satisfying themselves... Its always suggested to try and collaborate to try and find a happy medium of the minds.
OFFERS AND NEGOTIATIONS
OFFERS AND NEGOTIATIONS
SELLERS RESPONSE TO BUYERS OFFER
AGREEMENT OF PURCHASE AND SALE