The day has arrived when you have found the house that you wish to call home!  Now it’s time to put in an ‘offer’.  Don’t worry, your REALTOR® will counsel you as to how and what is about to happen. First things first, keep a level head.  There are four items on the contract that will be of primary interest to you; Price, Terms and Conditions, Inclusions and Closing Date.  This is where your REALTOR®'s knowledge, professionalism and expertise come into play. 

Once the Agreement of Purchase and Sale has been prepared, your REALTOR® will meet with the Seller’s REALTOR® and the Seller to present your offer. 

 

The Three Options a Seller considers: 

1. Accept the offer exactly as presented and you’ve just purchased!

2. Make a Counter Proposal.  This means proposing changes to the offer, maybe to the price, the deposit, conditions, inclusions or closing date.

3. Reject the offer.  

 

Once your Agreement of Purchase and Sale has been finalized, there are a few more terms you should become familiar with that may affect you.

Irrevocability of the offer - this date and time refers to the duration either buyer or seller has to respond to an offer.  If the time runs out, the offer becomes null and void.

Examination Title Date - Title refers to the legal evidence that one has ownership of a property.  Searching the title is a task your lawyer will     perform to ensure there will be no barriers to transferring Title to you upon the date set for closing.  You will want to ensure your Lawyer has plenty of time to perform the search so that if a problem does arise, it can been dealt with in enough time.  Two weeks before closing is standard.