Make an Offer … know the fine print

Posted: October 14, 2009 in 1, Buyers, General Information, Mortgages, Sellers

Agreement of Purchase and SaleFirst time home Buyers have probably never heard of an Agreement of Purchase and Sale, let alone drafted one. Also commonly called an “Offer” the document allows the Buyers a chance to outline in detail all of the conditions they wish to be placed in their Offer to buy the Sellers property. The Agreement of Purchase and Sale allows Realtors® to draft an offer in a standardized manner and to precisely word the document which will set out those terms and conditions between the Buyers and the Sellers. He will take into account all the factors that are important to them such as financing (a mortgage) for the property to be purchased, completing a home inspection, or ensuring that the sale of their current home is completed before purchasing a new one.  The Realtor® will also make sure that the offer leaves no room for interpretation and contains everything that is important to the Buyers about the home and the transaction. For examples if appliances are listed as being included in the sale then the Realtor® will make sure that these are included in the Offer. Having a written agreement about these things will avoid complications that might arise later.
After the Offer is prepared and signed by the Buyers, the Realtor® presents the offer to the Seller’s agent and the Sellers who will accept or make changes to the Offer. This process can continue back and forth several times in an effort to reach an agreement. A Realtor® with honed negotiation skills is critical in this process.
The Buyers would include a deposit in the Offer to give it authenticity and to show their sincerity to the Sellers. The deposit is considered part of the purchase price and is ultimately deducted from the proceeds on closing.
The Agreement of Purchase and Sale will require information such as the correct names of the buyers and sellers and will spell out the exact legal description of the property, including full address, lot and plan number, frontage and depth dimensions of the lot. The purchase price, the deposit, the Buyers requested closing date will also appear on the Agreement. Finally the offer will clearly show any conditions that must be met before closing.
Making an offer to purchase a home is an important and somewhat nervy process between deciding to buy and moving-in and your Realtor® can help make this transaction a seamless process.
With over 23 years experience Dale Dyer has time and time again proven his abilities to price and negotiate Real Estate  transactions.
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