Making An Offer
When you find the home that's right for you, your next step is to make an offer to purchase the home from the current owner. The offer is presented to the owner and his or her representing agent by your agent. The owner can accept your offer, make changes to the offer and present you with a counter-offer, or reject the offer.
About the Offer to Purchase
The Offer to Purchase is a legally binding agreement between you and the person selling the house. It includes:
You may want to discuss the Offer to Purchase with your lawyer before you sign it. Remember, it becomes a legally binding agreement the moment it is accepted. If you decide to cancel an offer that has already been accepted, you could lose your deposit and the person selling the home could sue you for damages. If the seller does not accept your offer, your deposit will be returned.
- Your name
- The seller's name
- The address or legal description of the property
- The price you are prepared to pay for the home
- The items you expect to be included in the purchase price
- The amount of your cash deposit
- Your financing arrangements
- The closing date
- Specific terms or conditions that must be met as part of the purchase
- A time limit for meeting these conditions