The Elements of an Offer

The Price

Although it is the most important element of an offer, the price is by no means the only thing to be taken into consideration when writing an offer. Your Real Estate Agent can certainly help and advise you about what the price you should offer on a property, but ultimately it is up to you.

The Deposit

One Thousand Dollars is the usual price put down as a deposit. The money is held in a trust fund specified by the Listing Agent's Brokerage, and will be used as part of the down payment, if the offer is accepted.

Chattels Included/Fixtures Excluded

These are the things which the person selling the house wants to take with them (excluded from the price) and the ones he is willing to leave behind (included in the price). Appliances are the most common items to be included or excluded.

Closing Date

This is the date that you would like to move into the house. This date, much like anything else in the offer can be negotiated. Taxes and other expenses will be adjusted depending on the closing date.

Clauses and Conditions

These are terms which are included in the offer mostly for the benefit of the Buyer, and to ensure that, after an offer is accepted if the Buyer has just cause not to be able to buy the house, he/she can get out of the deal. These terms are always accompanied by a date, after which, if they have been satisfied, the offer is said to become firm and binding to both parties. Some of the main clauses and conditions are:

• Conditional upon Buyer arranging a mortgage - 5 business days is the asking norm for this condition to be fulfilled.

• Conditional upon a certified home inspection - An inspection which takes up to 3 hours and is conducted by a professional inspector, assuring that there are no serious electrical, plumbing, roofing or structural problems.

• Conditional upon the Buyer selling his property - if the Buyer cannot sell his property by a set time, then the offer (and the deal) is null and void.

• Survey Clause - asking the Seller to provide an existing survey of the property

• Screwnail Clause - it is made clear that all fixtures or "things" which are nailed to or fastened to a wall by means of screws and nails are to be included in the Purchase Price