Once you have decided that you will be making an offer to purchase your dream condominium or residential home, you’ll need up-to-date information on the state of the housing market, and you’ll need help in properly drawing up the offer. The best person to help with that is a real estate professional.
A professional will convey your purchase offer to the seller, or to the seller’s agent, for you. This is a good idea because there could very well be other offers for the property. A professional can help steer you through the maze of coping with competing offers.
The elments of purchasing your condominium or residential home in Toronto:
1. A Firm Offer to Buy
This would be the offer most acceptable to the seller of the property because it means the purchaser is ready to buy the home without putting any conditions in place.
2. Conditional Offer to Buy
This usually means the the buyer has put conditions on the sale that must be met before the purchase will be completed. These conditions would stipulate that a successful sale would be “subject to home inspection,” “subject to financing” or perhaps “subject to sale of the buyer’s current home.”
3. Accepting the Offer
Once an offer has been submitted to the seller, the seller may accept the offer as is, reject it completely or submit their own counter-offer. This counter-offer may suggest changes to the price, to the date of closure or to any number of other items. Offers between the buyer and seller can be exchanged until both sides are satisfied with the terms or until one side decides to curtail negotiations.