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Making an Offer
The Agreement of Purchase and Sale is the document that is used to state the Buyer’s desire to purchase the property, and to negotiate the terms of the sale. It is commonly referred to as an “Offer”. This document also allows the Buyer a chance to outline in detail all of the conditions they wish to be placed in their offer to buy the Seller’s property. Some common examples of a Buyer’s conditions include arranging financing (a mortgage) for the property to be purchased, completing a home inspection, or ensuring that the sale of their current home is completed before purchasing a new one.

The offer to purchase is a legal document and should be carefully prepared. You should take the time to review the Agreement of Purchase and Sale and familiarize yourself with the various clauses and terms.

We recommend that everyone seek and obtain professional advice to ensure a complete and accurate understanding of any form and not rely on the explanations contained herein. All questions regarding the offer to purchase should be forwarded to your real estate lawyer.



Preparing an Offer

In addition to your desired purchase price, conditions and possession date, your lawyer you will need the following information:

1. Name of Buyers
The names should be listed exactly as they'll want them to appear on the ownership document when the sale is complete.

2. Names of Sellers
Each person's name should be listed in full, exactly as shown on the existing ownership document

3. Deposit
Along with the offer, the Seller should collect a deposit to be held in trust until the buyer has satisfied themselves with the conditions mentioned in the agreement.

4. Chattels Included
A list of all additional items separate from the property that they wish to be included in their purchase. Examples to be listed here include appliances, window coverings and light fixtures. The Seller must agree with items included before signing the offer.

5. Fixtures Excluded
All items that are not included in the purchase price and items that are being rented. An example is a hot water tank that is being rented from a utility company. Care should taken to ensure that all the rental items are detailed here.

6. Irrevocable (Deadline) Date
The deadline that a person making an offer gives the other party to accept their offer. If the offer is not accepted by the stated time, then the offer is over and no longer binding on any of the parties in the transaction.



What Happens After You Make an Offer

An Agreement of Purchase and Sale is legally binding, ask your lawyer to review it before presenting it to the Seller. After presenting the offer to the Seller, there are three possible responses.

1. Offer is Accepted
The Seller accepts your offer and you now move on to the next steps in the buying process. In most cases, the Seller and Buyer will negotiate and agree on the price, terms and conditions of the offer before preparing it.

2. Offer is Rejected
The Seller makes a counter-offer asking for a higher price, or different terms. You reject the counter-offer because the price is too high, or you can't agree on the conditions.

3. Seller Counter-Offers
Seller makes a counter-offer asking for a higher price, or different terms. You can sign the offer back at a higher price than your original offer, but lower than the Seller's counter-offer. If the Seller accepts the counter-offer, the deal is concluded.



Conditions Fulfilled - SOLD

When the offer is accepted, it's up to the Buyer to fulfill the conditions within the appropriate time. In some cases, there may be conditions inserted by the Seller, for the Seller's benefit. Once the conditions are removed, the deal becomes firm and the home is officially sold. The lawyers will handle the rest of the closing process.

Congratulations! Start packing.

We offer a variety of flat fee packages for selling your own property. You may choose any package of your choice based on your budget.

By using our service you will avoid the high costs of hiring a real estate agent. Since there is no commission to pay, this could add up to thousands in savings for you!

Proper Pricing

We would like to see you get the highest possible price for your home. When you decide to sell your home, the price you set is a critical factor in the return you will receive. Your asking price should be based on several factors;

Market Conditions

The real estate market is always changing. It helps to understand how real estate market conditions can affect your position as a Buyer or a Seller; Buyer's Market, is when the supply of homes on the market exceeds the number of Buyer's, the demand; Seller's Market, is when the number of Buyers wanting homes exceeds the supply or the number of homes on the market; Balanced Market, is when the number of homes on the market is equal to the demand or number of Buyers.

Condition of Your Home

The condition of the property affects the price and speed of the sale. As prospective Buyers often make purchases based on emotion, optimizing the physical appearance of your home will maximize the Buyer’s perception of value. First impressions are the most important.

Repairs or Improvements

It's a fact; repairs can increase the value of your home. Selling as is can cost you more than the repairs; even minor improvements will yield as much as three to five times the repair cost at the time of sale. A professional will be able to point out which repairs could significantly increase the value of your home. Even seemingly small fix up jobs can have quite an impact on sale-ability and price.

Time Frame

In a "normal" real estate market, if a house doesn't sell within one to three months (30 to 90 days), the reason is simple: the price is too high. Even a perfect home will not sell within this time frame if the price is too high. Depending upon the local market activity, a house that sells within one to three months is priced at the true market value of the house.

There are potential dangers when it comes to pricing your home in any kind of real estate market. If you decide to price your home too high, several things could happen;

Limits Buyers

Proper pricing will attract a a lot more interest from Buyers. If you over price your home, potential Buyers will be less reluctant to view it, because it will be out of their price range.

Extended Stay on the Market

When a home is on the market too long, it may be perceived as defective by potential buyers. Buyers will wonder, "what is wrong with the house," or "why hasn't this house sold yet?".

Lower Price

If your house is sitting on the market too long because you have overpriced, it could eventually lead to a lower selling price. To sell it, you will have to reduce the price and probably end up getting less for it than if you had priced it right to begin with.

Wasted Time and Energy

The time and energy you have invested into trying to sell your home, would have gone to waste. Proper pricing from the start will ensure all your efforts have lead to a successful sell.