Buying a Home: Making an Offer

You have finally found it! That perfect condo or house that you want to call home for years to come. But first, you need to secure it.

That means you need to give the seller a written offer to purchase. Considering that a home is usually a person’s largest investment it is wise to work with a lawyer, notary public, or real estate licensee when preparing the written offer to purchase. An offer is typically recorded on a standard form called a Contract of Purchase and Sale.

What Should my Offer Contain?

It is important to remember that once both you and the seller sign the Contract of Purchase and Sale, it constitutes a legally binding contract to which both you and the seller will be bound. So be sure that you have included all of the standard details as well as any conditions that are important to you.

Your offer should include:

• Full legal names and addresses of both the buyer and the seller;
• Date of offer and the date and time your offer expires;
• Full legal description of the home;
• Sale price;
• Amount of the deposit you are giving (this will form part of your down payment);
• Amount of your cash down payment and details as to how you will finance the remainder of the purchase price;
• Your desired closing and possession dates;
• Your “subject clauses” or “conditions precedent”. These are the list of conditions that must be satisfied before the sale can occur; and
• A list of items that are not attached to the building, but you still want to be included in the sale price, often referred to as “chattels”. For example, appliances, rugs, drapes. The more specific you are, the better.

If you need help with your real estate purchase or sale please call us at 778-819-8553 or email at [email protected]