Buying
The Major Elements of an Offer/Making an Offer
Price
Depending on the local market conditions, your opinion of value and market information provided by your real estate professional, the price you offer may be different from the seller’s asking price.
Deposit
The deposit shows your good faith and will be applied against the purchase price of the home when the sale closes. Your sale representative can advise you on an appropriate amount.
Terms
Includes the total price offered and the financing details. You may arrange your own financing or ask to assume the sellers 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”.
Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
Closing Date
Generally, the day the title of the property is legally transferred and the transaction or possession of funds finalized unless otherwise specified.
How to Make an Offer
When it comes time to make an offer, I can provide current market information and will assist you in drafting your offer – a legal document which specifies the terms and conditions of your offer to purchase the home. I will communicate your offer to the seller, or the seller’s representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. I can guide you through this process. The offer can be firm or conditional.
Acceptance of the Offer
Your offer will be presented as soon as possible. The seller may accept, reject or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables.
The offer can go back and forth until both parties have agreed or one of you ends the negotiations.
What Is Market Analysis?
The correct selling price of a home is the highest price the market will bear. To assist you in determining the correct purchase price, we have provided you with a comprehensive market analysis of comparable properties that have recently been offered for sale in the neighbourhood. This analysis is based strictly on homes that can be considered similar to the one you are looking at, and has been specially prepared for you over the last few days.
This ‘comparative’ property analysis is divided into three categories:
- Similar properties that are currently listed
- Similar properties that have recently sold
- Similar properties that have failed to sell
By carefully studying the comparable property locations, features, and the terms under which they are offered, we can develop a clear picture of the potential market for any property.
By looking at similar properties recently sold, we can see what buyers have actually paid in the last few months. This is the acid test that is used by lending institutions to determine how much they are willing to lend a buyer. While we naturally want you to receive top market value, we can agree that there’s a point where a price will be too high. By looking at homes that didn’t sell, we can accurately determine the best price for a property.
Planning Your Move
If You Rent Your Present Home:
- Give necessary notice to your tenants/landlord.
- Make arrangements for the return of any monies you have on deposit.
- Disconnect your telephone and cable TV, if applicable.
At Your “New” Home:
- Make arrangements for the gas and electric utilities, telephone and cable TV to be connected on the day the sale closes.
General
- Get “Change of Address” cards from the post office and send out well before moving day.
- Have the post office forwards your mail to your new address.
- Cancel any contracted services and pre-authorized cheques.
- Inform gardening, dry cleaning, garbage pick-up, newspaper, magazines, diaper and other home services. Arrange for service at your new address.
- Obtain a letter of introduction from your current bank to help establish new accounts. Transfer trust or bank accounts and securities.
- Cancel or transfer social, athletic, civic, religious or business affiliations and memberships.
- Arrange for transfer of medical, dental, prescription, and optical records.
- Change the address on your driver’s license effective the day of the move.
- Collect all items out for cleaning, repair, or storage: e.g. fur coats, dry cleaning.
- Make special arrangements for the moving of perishables, such as plants.
- Make special arrangements for the moving of pets.
- Safely dispose of all flammable liquids, as it is illegal for movers to carry them.
Calculators
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Land Transfer Tax Calculator
Down Payment and CMHC Calculator
Mortgage Payment Calculator
