When you find the home or property you wish to purchase, it is time to sit down with your realtor to write the offer. It might be helpful to know in advance the kinds of things you will be expected to decide when making an offer.
Price
Your realtor can provide you with comparable sales and listings and based on that information will help you in determining a price. (Remember that your first offer may not be accepted and the seller may present a counter offer)
Posession Date
You will need to pick a day for possession.
Closing Date
This is the date on which the funds are transferred to the seller's lawyer for disbursement. It is usual to make the closing date one day prior to possession date in order to allow for the transfer of title and funds.
Adjustment Date
This is the date on which insurance and utilities are transferred to your name. This date should coincide with the Closing Date.
Deposit
You will be expected to make a deposit and should anticipate approximately 10% of the purchase price. The deposit will be expected at the time the offer is accepted and generally goes to the trust account of your agent where it is held until shortly before closing when it is transferred to the lawyer for disbursement.
Inclusions
If there are items in the home you are purchasing which you would like to have included in the purchase price, they will have to be written into the contract. Some standard inclusions will be fridge, stove dishwasher, central vacuum etc.
Subject Clauses
These can cover a very wide spectrum of needs or concerns from financing to home inspection and the purpose of a subject clause is to protect you in the event there is a hidden problem or a problem getting the necessary financing.
Once your offer is accepted, your realtor will see that the necessary paperwork is done and that it is distributed to all interested parties.
If you have subject clauses on the offer, your realtor will help you through the necessary steps to ensure these are satisfied
