The Price
Although it is the most important element of an
offer, the price is by no means the only thing to be taken into
consideration when writing an offer. Your Real Estate Agent can
certainly help and advise you about what the price you should
offer on a property, but ultimately it is up to you.
The Deposit
One Thousand Dollars is the usual price put down
as a deposit. The money is held in a trust fund specified by the
Listing Agent's Brokerage, and will be used as part of the down
payment, if the offer is accepted.
Chattels Included/Fixtures
Excluded
These are the things which the person selling
the house wants to take with them (excluded from the price) and
the ones he is willing to leave behind (included in the price).
Appliances are the most common items to be included or excluded.
Closing Date
This is the date that you would like to move
into the house. This date, much like anything else in the offer
can be negotiated. Taxes and other expenses will be adjusted
depending on the closing date.
Clauses and Conditions
These are terms which are included in the offer
mostly for the benefit of the Buyer, and to ensure that, after
an offer is accepted if the Buyer has just cause not to be able
to buy the house, he/she can get out of the deal. These terms
are always accompanied by a date, after which, if they have been
satisfied, the offer is said to become firm and binding to both
parties. Some of the main clauses and conditions are:
-
Conditional upon Buyer arranging a
mortgage - 5 business days is the asking norm for this
condition to be fulfilled.
-
Conditional upon a certified home
inspection - An inspection which takes up to 3 hours and
is conducted by a professional inspector, assuring that
there are no serious electrical, plumbing, roofing or
structural problems.
-
Conditional upon the Buyer selling his
property - if the Buyer cannot sell his property by a
set time, then the offer (and the deal) is null and void.
-
Survey Clause - asking the Seller to
provide an existing survey of the property
-
Screwnail Clause - it is made clear
that all fixtures or "things" which are nailed to or
fastened to a wall by means of screws and nails are to be
included in the Purchase Price.
