News & Articles: Offers to Purchase
An offer to purchase is the first step in creating the formal, written obligation to purchase a property. Offers are usually accompanied by a deposit cheque, which is held in trust by the real estate agent or lawyer until final closing. The 0offer sets out the price the purchaser is willing to pay, the suggested date of completion, any required documents – like a land survey – which the purchaser requires, the moveable items – such as appliances and drapes – which the buyer wants included, and any particular terms or conditions which the buyer wants satisfied before closing the deal. Most home offers are conditional on the purchaser obtaining financing and satisfactory inspections by a professional h9ome inspector. If the purchaser already owns a home, the offer may be conditional on the sale of that property by a specified date. Your purchase offer may be accepted or rejected, or a counter-offer may be made legally required to complete the transaction. That’s why it is so important for both parties to consult their own independent real estate lawyers before signing the agreement, and before waiving or releasing any conditions.
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