Lets Make an Offer
Once we have found the property you would like, a written
offer to purchase will be prepared.
An offer is usually recorded on a standard form entitled:
CONTRACT OF PURCHASE AND SALE
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What should the offer contain?
When we prepare an offer it will contain a number of
standard details, plus any conditions which are important
to you.
Be aware that once you sign this document, and the
seller also signs it, a legally binding contract has
been formed.
Legally binding means both you and the seller
will be bound by the terms of the contract and must
each perform your respective obligations as stated within
that contract. .
The Properties In Victoria ProfessionalsTM will make sure to
include:
- Date of offer.
- Date and time your offer expires.
- Full legal names and addresses of both the buyer
and the seller.
- Full legal description of the property including
the P.I.D.
- Amount of the deposit you are giving (which will
be held in a trust account).
- Price Offered.
- Amount of your cash down payment and details as
to how you will finance the remainder of the purchase
price.
- Your desired closing, possession and adjustment
dates.
- A list of the conditions that must be satisfied
before the sale can occur. These are called
subject clauses or conditions precedent.
- A list of items that are not attached to the building
(chattels), but which you state are to be included
in the sale price; for example, drapes, refrigerator,
stove, etc. NEVER ASSUME THAT SOMETHING IS INCLUDED.
- Exclusion Something that you do not want.
- Your Signature.
Questions? Concerns?
the Properties In Victoria ProfessionalsTM
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The Written Offer
What happens to the written offer?
When the seller receives your offer to purchase,
he or she has three options.
1. Accept the
offer exactly as written.
If the seller signs your offer without making any changes,
a legally binding contract has been formed.
2. Reject the
offer.
3. Make a counter-offer.
If the seller changes anything at all on your original
offer, the seller is considered to have rejected your
offer and to be making a new offer back to you.
This new offer is usually referred to as a counter-offer.
When you receive a counter-offer, you then have the
same three options as the seller had: accept, reject
or make a further counter-offer. The process of
counter-offers may continue until an agreement is reached.
If the counter-offer is unacceptable to you or if you
have changed your mind about the purchase, the seller
does not have the option of returning to your original
offer and accepting it, unless you agree to it.
Ask us about Multiple Offer situations?
the Properties In Victoria ProfessionalsTM
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Accepted Offer
Once the offer is acceptable to both seller and buyer,
all subjects to or conditions precedent must be fulfilled.
For example, home inspection, financing, title perusal,
bank appraisal etc. The Properties In Victoria ProfessionalsTM
make sure these obligations are concluded in a timely
fashion. The deposit is due as marked on the contract
and is deposited for you in trust. Once all conditions
are removed in writing and communicated
we have an unconditional offer.
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Completing Your Purchase
The Contract of Purchase and Sale that you signed
will state the completion day for the transaction.
On that day legal ownership will transfer from the
old owner to you in exchange for the purchase price
of the property.
The Properties In Victoria ProfessionalsTM will remind you of all the little
things needing to be done before completion, e.g. Ordering
services such as phone lines, arranging insurance,
information on schools, physicians, movers etc.
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Do you need legal assistance to complete the purchase?
It is normal practice for the buyer to engage a lawyer
or notary public to prepare the documents necessary
to transfer the legal ownership. Among other things,
he or she will protect your interests by:
- Searching the title in the Land Title Office registration
system to find if anyone other than the seller has
any legal rights to the property and to see if there
are any registered easements or restrictive covenants.
- Preparing the documents to transfer ownership from
the seller to you, including the property purchase
tax return.
- Ensuring that the sellers old mortgage has been
properly discharged if this is required.
- Confirming that all payments for which the seller
is responsible have been made.
- Arranging for you to sign the transfer documents.
- Preparing a Statement of Adjustments outlining all
monies owed by you and the funds you will need to
complete the transaction.
- Delivering the final amount due to the seller and
ensuring you are registered as the owner in the Land
Title Office.
The day has arrived!! You have signed the documents,
turned over your cheque for the final balance to your
lawyer or notary. The Properties In Victoria ProfessionalsTM
will make arrangements for you to receive the keys for
your new home.
THE
HOME IS YOURS! CONGRATULATIONS!
LET US HELP YOU.
CONTACT US TODAY!
the Properties In Victoria ProfessionalsTM
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