The Elements of An Offer

Here's a quick reference to everything you need to know about accepting an offer on your home.

Price: Depends on the market and the buyers, but generally the price offered is different than the asking price.

Deposit: Shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes.

Terms: Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume your existing mortgage if you have an attractive rate.

Conditions: These might include "subject to home inspection," "subject to the buyer obtaining financing" or "subject to the sale of the purchaser's property".

Inclusions and Exclusions: These may include appliances and certain fixtures or decorative items, such as window coverings or light fixtures.

Closing or Possession Date: Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified (except in Manitoba and Quebec).