Whether you are buying a home, apartment, condo, cottage, or commercial property, there are six key components to the elements of an Offer to Purchase:
Depending on the local market conditions and the information provided by your Real Estate Professional, your price may be lower, higher, or equal to the seller’s price.
Your deposit is a demonstration of good faith and your commitment to complete the purchase. The deposit will be applied toward the purchase of the home if the sale closes. There is no minimum or standard deposit amount; your Real Estate Professional can advise you on an appropriate amount depending on market conditions and other factors.
The offer terms includes the total price and the financing details. Generally as a purchaser you arrange your own financing, or you may request to assume the seller’s mortgage.
You may make the offer conditional upon one or more clauses. If these clauses are not met by the seller or the purchaser (as applicable), the purchase will fall through. These might include "subject to home inspection," "subject to financing," or "subject to sale of buyer’s existing home.”
These are any items that you wish to have included in and excluded from the purchase price. Typically these are items such as appliances, fixtures, and window coverings.
The day the property title will be transferred to the purchaser and the transaction of the funds is finalized.