The Major Elements of an Offer
Terms and conditions for any Agreement of Purchase and Sale /Offer, MUST be tailored to the facts and circumstances of the Parties in any transaction.
1. Price
The price will be the buyers opinion of value.
2. Deposit
The deposit shows the buyers good faith.
3. Terms
Includes the total price offered, the financing details, chattels in good working order, right to revisit prior to closing, survey etc.
4. Conditions
These might include “subject to home inspection”, “subject to you obtaining financing”, “subject to the buyer selling their property” “subject to obtaining home insurance”, “subject to Seller property Information Statement” etc.
5. Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.
6. Irrevocable.
Time that you (the Seller) have to accept the Buyer’s offer and in which time the Buyer cannot retract their offer. Note: If you counter the Buyer’s offer, it is the same as a new offer from the you to the Buyer and can be done after the expiration of the Buyer’s irrevocable time.
7. Closing or Possession Date
Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified
