When it comes time to make an offer on a property in Ottawa, how much should you bid? What conditions would you like to include? In order to make an informed and valid offer, it starts with having current information about the Ottawa real estate market and assistance in drafting your offer. Your Real Estate Professional is on your side to guide you through the negotiation process and help you close on the home of your dreams.
A Real Estate Professional acts as your representative in communicating your Offer of Purchase to the Seller or the Seller’s Representative. In some situations, there will be other competing offers on the property at the same time. Your Real Estate Professional will guide you through the process.
With a Firm Offer to Purchase, there are no conditions on the purchase of the home. This is usually a preferable option to the Seller. If the offer is accepted, the house is yours.
A Conditional Offer to Purchase is means that there are one or more conditions that must be met before the purchase can go through. Once all conditions have been met the home is yours, otherwise the offer falls through. Common conditions include “subject to home inspection,” “subject to financing,” or “subject to the sale of the Buyer’s existing home.”
An Offer to Purchase is presented to the Seller who may accept the offer, reject it, or submit a counter-offer. The counter-offer may involve any element of the offer, including the price, closing date, conditions, or other variables. The Buyer may accept the terms or submit a counter-offer. The process continues until both sides agree to terms, or either side decides to end negotiations.
Once an Offer to Purchase is accepted and the conditions are removed, you’ve purchased the home! You will be handed the keys on the closing date, and you can now settle into your new home.