Elements of an Offer

There are six key components to the elements of an offer. They are:

Price

Depending on the local market conditions and information provided by me, your Real Estate Professional, the price you offer may be different from the seller’s price.

Deposit

Your deposit shows good faith and will be applied against the purchase of the home when the sale closes. As your Real Estate Professional, I can advise you on an appropriate amount.

Terms

Includes the total price offered and the financing details. You arrange your own financing or ask to assume the seller’s mortgage, especially if it has an attractive interest rate.

Conditions

These might include “subject to home inspection”, “subject to you obtaining financing”, or “subject to you selling your property”.

Inclusions and Exclusion

These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors. These items would remain in the house.

Closing and Possession Date

Generally, the day the title of the property is legally transferred and the transaction of funds finalized.

Why a Pre-approved Mortgage?

Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home.

Your Mortgage Specialist will answer your questions and help you determine which financing terms and options are right for you. Your Mortgage Specialist and I work as a team to help you find the right home and select the best financing.

Finalizing Your Mortgage

Once you’ve found the home you want to purchase, there are some documents you’ll probably be asked for in order to finalize your financing. They will include:

  • A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect’s or builder’s plans and details on lot size and location.
  • A copy of the offer to purchase or the building contract, if this document has been prepared.
  • Documents to confirm employment, income and source of pre-approval.

If you have a pre-approved mortgage, it’s a simple matter of finalizing a few details which your Mortgage Specialist will explain to you