In today’s hot real estate market, if you find a property you love, you’ll have to decide quickly if you want to put in an offer. Most properties are selling in multiple offers (bidding wars where there is more than one offer on the same property) or through pre-emptive offers (where an offer is submitted in advance of a specified offer date). A pre-emptive offer is also known as a “bully offer.” Your Agent will explain this process in more detail as well as help set expectations with you based on the properties you preview.
When you submit an offer (Agreement of Purchase and Sale), the main components for you to be aware of include:
This is typically 5%-10% of the purchase price and payable to the listing brokerage with the offer, or within 24 hours of acceptance of the offer, depending on the situation.
This is the date that you pay for and take title (ownership) of the property.
Inclusions and Exclusions
When submitting an offer, your Agent will list items you wish to include or exclude from your purchase
Terms and Conditions
A condition is a clause the buyer needs to waive or fulfill by an agreed time in order for a sale to be finalized. The most common conditions are: financing, inspection, lawyer review and status certificate review (condos only). Often in a hot market or in a multiple offer situation it's common practice to submit offers with no conditions. A term is used to clarify what the buyer expects to be done or included with the property. Your Agent will advise on all the necessary clauses and terms to include in your offer to protect you through the purchase process.
Your Buyer Specialist will advise on all the necessary clauses and terms to include in your offer to protect you through the purchase process.