Price - the offering price will depend
on market conditions, your own opinion of its value, and market information provided
by Annette. The offering price may be different from the seller's
asking price.
Deposit - the deposit shows good faith
and that you are serious about buying the home. It is held in trust and applied
against the selling price on closing. It forms part and parcel of your total downpayment.
The actual amount of the deposit will vary according to the asking price of the
house. Annette will advise you on how much is an appropriate
deposit.
Conditions - there are a wide variety of conditions
that you can place in your offer. It is extremely common to make your offer conditional
on home inspection by a certified home inspector and conditional on bank financing.
If you own another property, your offer may also be subject to you being able
to sell your property.
Inclusions - are those items which you wish to be included
in the purchase price; for example, appliances, window coverings and blinds, etc.
Inclusions will entail "chattels" or items which can be taken by the
owner that are mobile and are not normally included in the purchase price.
Exclusions - are those items the seller wishes to take
with them; for example, a special light fixture. If something requires a screwdriver,
hammer, or other tool to be removed and the Seller intends on taking it with them,
it should be noted under exclusions.
Land Survey - a land survey report / property survey
/ building location survey / surveyor's real property report (four words which
have identical meanings in practice) - is a complicated and detailed measured
drawing of the location of all properties lines and all of the buildings / additions
/ fences / decks / improvements that lie therein. If an existing survey exists,
it is common practice to have a clause requesting it in the offer.
Completion Date/Closing Date/Possession Date -
these three names are all the same. It is usually (but not always) the date people
move in to their "new" home as well. It is the date that title to the
property & keys are handed over to you, the Purchaser, in exchange for funds.
The transaction is finalized with the services of your lawyer and the Seller's
lawyer.
Other Clauses - each offer is very different and is
custom tailored to suit your needs and the specifics of the property. Annette will assist you in creating these clauses.
