The Canadian Real Estate Association covers some of the basics involved in making an offer once you find a house you want to make your home.
In the offer, you should specify how much you’re willing to pay. State when the offer expires and suggest a closing date for the transaction. You can also propose some conditions on the offer. Some common types of conditions are:
- Getting a suitable mortgage (include the amount, interest rates and any other figures you feel important);
- Selling your current home (the seller may continue to look for a buyer, but will give you the right of first refusal);
- The seller providing a current survey, or a “real property report,” showing that there are no encroachments on the property;
- The seller having title to the property (your lawyer will check this out when she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions);
- If there’s a septic system, the seller having a health inspection certificate, stating that the system meets local standards;
- An inspection by a qualified engineer, should you have any doubts about the home’s safety and construction; and
- Any inclusions of appliances and other items – basically, what stays and what goes.
- You will need to present a deposit along with your offer. An appropriate deposit will show your good faith to the seller. Note that the seller’s agent, if they are represented by one, is bound by law to bring all offers to the seller’s attention.
Looking for more information on making an offer or on any other real estate questions? Feel free to get in touch with Team Brad Bird anytime. We’re here to help.