FOUND Your Dream Home

Congratulations! You’ve found the perfect home, completed your homework, and secured financing. Now, it’s time to move forward with your real estate agent to and present an offer to the seller.

MAKING AN Offer

An offer is your formal bid to buy the home, serving as a legal contract. It outlines the price you’re willing to pay, along with other conditions you and the seller must agree on. Remember, while an offer does signal serious intent, you have options if you need to withdraw. However, due to potential legal implications, it’s crucial to consult with your real estate agent or a legal professional before making any changes to your offer.

Once you and your Realtor® fine-tune the offer’s terms, it’s presented to the seller. Acceptance of this offer establishes a legally binding agreement. It’s common for there to be some back-and-forth negotiation. This process, expertly navigated by your Realtor in close consultation with you, aims to reach an agreement satisfying both you and the seller.

Your Realtor’s expertise is invaluable in this negotiation phase, ensuring the offer reflects your best interests while also being attractive to the seller. The goal is to finalize terms that are agreeable to both parties, paving the way for you to secure your new home.

WHAT AN Offer TO PURCHASE INCLUDES

When you’re ready to make an offer on a home, it’s important to know exactly what’s included. Here’s a breakdown of the key elements:

Purchase Price

The heart of your offer, this is the amount you’re willing to pay for the property.

Deposit

A sign of your commitment, typically around 5% of the purchase price, negotiable. This deposit is usually held in trust by the buyer’s real estate brokerage until completion.

Conditions

Your offer might be straightforward without any conditions, known as “subject free.” Once accepted, the deposit is processed, securing the property for you. More commonly, offers include conditions such as home inspections, financing approval, title searches, and the review of property disclosures and related documents (e.g., strata records), which must be met before the sale can proceed. Upon agreement by the seller and fulfillment of these conditions within a negotiated period (usually 7 to 10 days), the sale moves forward.

Terms

These detail the agreement’s specifics, including price, timelines, deposit details, and what’s included in the sale, ensuring clarity and agreement on all parts of the deal.

Closing Date

The day the property officially becomes yours, marking the transfer of title and funds.

Possession Date

When you officially take over the property, typically shortly after the closing date.

Adjustments Date

Often aligned with the possession date, this is when financial adjustments for prepaid expenses (like property taxes, strata fees, and utilities) are calculated on a pro-rated basis. These adjustments are detailed in the Statement of Adjustments provided by your lawyer or notary at completion.

Each component of an offer plays a crucial role in the home-buying process, laying the foundation for a smooth transition to owning your new home. Understanding these elements helps ensure you’re fully informed and ready to proceed with confidence.

Navigating Multiple Offers in Real Estate

Facing multiple offers can be one of the most challenging aspects of purchasing property, especially in the dynamic Greater Vancouver real estate market. In periods of high demand, it’s not uncommon for both highly sought-after properties and those that may seem less appealing to attract numerous bids. While this scenario can significantly benefit sellers, it often presents buyers with a complex and potentially stressful situation. However, being well-prepared can transform this challenge into an opportunity.

Preparation is key to navigating multiple offers successfully. Equip yourself with the right strategies and support from a knowledgeable real estate team, and you can confidently compete in a multiple-offer environment. Our expertise is designed to give you the competitive edge you need, ensuring you’re not just another bidder, but the most attractive one to sellers.

Check out: Winning Strategies for Multiple Offers. 

Listen to The Garbutt+Dumas Real Estate Podcast on Dealing with Multiple Offers: Sellers Perspective and Dealing with Multiple Offers: Buyers’ Perspective

NEXT: OFFER NEGOTIATION

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