Making an offer to purchase
Many people find the idea of making an offer on a property to be elusive—a mystery that can be quite intimidating. This is an overview of the offer procedure that REALTORS® use as a standard of business.
Major elements of an offer
- Price: Depending on local market conditions, the seller’s price may be different from the buyer’s offer
- Deposit: Shows the buyer’s good faith and will be applied against the purchase when the sale closes. Your Rockies West Royal LePage representative will advise you on an appropriate amount
- Offer to Purchase: A legally binding document which specifies the terms and conditions of your offer to purchase the home
- Terms: Possible references to owner financing or other special terms offered as inducements
- Conditions: These might include “subject to home inspection”, “subject to you obtaining financing”, or “subject to you selling your property”
- Inclusions and Exclusions: Appliances and certain fixtures or decorative items such as window coverings or mirrors
- Closing or Possession Date: Generally, this is the day both the title of the property is legally transferred, and the transaction of funds is finalized. In British Columbia, the Possession Date is legally one to three days after closing
How to make an offer
When it comes time to make an offer on a home, we will guide you and provide current market information. Here are some of the steps we follow during this process:
- We’ll communicate your intent to buy to the seller on your behalf
- A Firm Offer to Purchase is usually preferable to the seller because it means you’re prepared to purchase the home without any conditions; if the offer is accepted, the home is yours
- Conditional Offer to Purchase means that you’ve placed one or more conditions on the purchase; the home is not sold until all of the conditions have been met
- There may be more than one offer on a property coming in at the same time—don’t panic—we’ll happily guide you through the process
Acceptance of the Offer
The seller may accept your offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations.
Communicating and negotiating price on a home can be a nerve-racking time for buyers. Here at Rockies West Realty, we know this, and work hard to ensure the process is as streamlined as possible. And when it’s all over, you’ll be a homeowner—congratulations!
An offer may be accepted or returned with a counter-offer
Once the offer is accepted, the seller will require a good faith deposit to be held in trust by their REALTOR®
The contract will provide sufficient time to have a home inspection and finalize financing
We work exclusively for you and will make recommendations and guide the process to a successful completion