Real Estate Blog for Buyers & Sellers

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The Elements of An Offer

May 22, 2014 | Posted by: Michele Cummins

Here’s a quick reference to everything you need to know about accepting on offer on your home.

1. Price 
Depends on the market and the buyers, but generally, the price offered is different from the asking price.

2. Deposit 
Shows the buyer’s good faith and will be applied against the purchase price of the home when the sale closes. 

3. Terms
Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume your existing mortgage if you have an attractive rate.

4. Conditions 
These might include 'subject to home inspection,' 'subject to the buyer obtaining financing,' or 'subject to the sale of the purchaser’s property.'

5. Inclusions and exclusions 
These may include appliances and certain fixtures or decorative items, such as window coverings or light fixtures.

6. Closing or possession date 
Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified (except in Manitoba and Quebec).

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