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The
Major Elements of an Offer
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Price
- The offering price will depend on market conditions, your
own opinion of its value, and market information provided by
Michell. The offering price may be different from the seller's
asking price. 
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Deposit
- The deposit, or escrow, 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 of your
total downpayment. The actual amount of the deposit will vary
according to the asking price of the house. Michell will advise
you on how much is an appropriate deposit.
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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.
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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.
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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 Vendor 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.
- Other
Clauses
- Each offer is very different and is custom tailored to suit
your needs and the specifics of the property. Michell will assist
you in creating these clauses.
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