When a purchaser decides they would like to purchase your
home. They are ready to make an offer on your home.
| 1) |
Price - Depends on the market conditions. |
| 2) |
Deposit - Shows good faith (typically 5% of the price).
The deposit is due at the time the offer is accepted or
upon subject removal. |
| 3) |
Conditions - These are the "Subject
to's…" After the offer is accepted these are
some examples of conditions which have to be met before
the offer becomes binding on both sides. Usually 5 working
days to meet all conditions. Here are some examples of
conditions.
| ·
|
Purchaser obtaining Financing
with acceptable terms & rates. |
| · |
Purchaser Approving the Property Disclosure
Statement |
| · |
Purchaser Approving the Title Search
of the property. |
| · |
Purchaser Approving an Inspection
by a qualified home inspector. |
| · |
Purchaser Approving the Strata Documents
- Bylaws, Minutes of strata meetings, Information
Certificate, Financial Statements, Engineer's Report,
etc. (not applicable for detached houses). |
|
| 4) |
Inclusions and Exclusions - These are the items on the
property you would like and would not like as a part of
the purchase price. These may include appliances, certain
fixtures, etc. |
| 5) |
Offer Acceptance Time Frame - This is the deadline for
the purchasers or sellers to accept or counter the purchaser's
offer. Usually it is 24 hours. |
| 6) |
Possession Date - The day you give up the keys to the
purchasers. The day the purchasers can move into the property.
The possession date usually falls 2 months after the date
of the offer. |
| 7) |
Completion or Closing Date - Generally, the
day the title of the property is legally transferred and
the transaction of funds is finalized unless otherwise
specified (in other words, the day you will be paid for
the home). In BC the Possession Date is legally 1 to 3
days after the Completion Date. |
