There are six key components to the elements of an offer. They are price, deposit, terms, conditions, inclusions and exclusions, and closing date.

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 Professionals we 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 Exclusions

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

Closing Date (also known as Possession Date or Date of Completion)

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

Market Conditions play a big role in determining how each individual component will fit into a larger home purchasing strategy. For example, is it a market that favours buyers, or is it a market that favours sellers? What is the difference, and what does that mean for you, the buyer? To learn more about Durham Region real estate market conditions, please contact us using the form below.