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Working Towards a Firm Offer
In order to achieve a firm offer, we must remove the conditions
of the offer, which is fulfilling all of the subjects in the
offer within the required timeframe. Also, start thinking
about a Lawyer or Notary Public you would like to use.
Remember to keep Michael informed at all times of all your
thoughts, concerns and ideas.
Let's take a look at what to do for each possible subject:
| 1) |
Property Disclosure Statement (PDS): The PDS
is a standard form which is filled out by the sellers.
The sellers must answer all the questions on the form
regarding the property in question. Michael will receive
the PDS immediately after the offer is accepted. You will
then read the seller's comments and answers. Then it is
up to you to decide whether you are satisfied with the
contents of the PDS. If you are satisfied. Date and sign
the PDS and return it to Michael. It will now form a part
of the contract and you can remove the PDS subject. |
| 2) |
Financing: Choose a financial institution (if
you haven't already). Contact your financial institution
to let them know you have an accepted offer. Also, inform
them that Michael will be faxing over the required documents.
Make sure Michael has your financial institution's contact
information. Your lender will then do an appraisal of
the property to insure that its market value is fair relative
to the purchase price. Once the appraisal has been done,
you will receive written confirmation of the approval
of your mortgage. Now you can remove the financing subject.
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| 3) |
Inspection: You choose the home inspector you
like best and set up an appointment with them for the
inspection. Keep in mind that it would be best if you
could attend the inspection. Let Michael know which inspector
you choose, the inspection date and time. Michael will
then set up the appointment with the sellers. On the day
of the inspection, the inspector will explain the details
of the home you have purchased. Plus, the inspector will
give you a report of what needs immediate attention, future
consideration and ongoing maintenance. It is then your
job to decide whether you would like to proceed in buying
the home and remove the subject. |
| 4) |
Strata Documentation(not applicable for detached
homes): Michael will pick up the strata documentation
from the seller's realtor and pass them on to you. Please
read the documents carefully. After you understand what
is in the documents. It is your decision whether you would
like to proceed with the purchase and remove the subject. |
| 5) |
Other Subjects: Michael will be happy to explain
and assist you in removing any other subjects in the offer. |
Once you are satisfied with all of the conditions, we can
remove the subjects. This is done by signing a separate Contract
Addendum. Michael will provide this once the time comes.
After all necessary parties have signed the Addendum. We now
have a firm offer or a binding contract.
Note: If you decide not to buy the home after this point,
you will likely lose your deposit.
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