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Offer to Purchase
Once an interested buyer has been found, a written offer to purchase your property will be prepared. This offer is usually recorded on a standard form entitled:
Contract of Purchase and Sale
Your listing agent will explain to you the process of receiving and reviewing offers. Do not be surprised if you are presented with offers which differ dramatically from your listed asking price; the listing agent is under an obligation to bring all written offers to you for your consideration. If several offers are brought to you at once, you are under no obligation to accept any one offer over another.
What should the offer contain?
All offers to purchase your property will contain a number of important details which you must consider.
The offer should include:
- Date of offer
- Full legal names and addresses of both the buyer and the seller
- Full legal description of the property
- Amount of the deposit
- Sale price
- Amount of the cash down payment and details as to how the remainder of the purchase price will be financed
- Date for completion of the sale
- Date for possession of the property
- A list of the conditions which must be fulfilled before the sale can take place (normally called subject clauses or conditions precedent)
- A list of items which are not attached to the building (normally called chattels) but which are to be included in the sale price; for example, drapes, refridgerator, stove, etc.
- Date and time at which the offer expires
- The signature of the buyer and his or her occupation