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What goes in An Offer | Buying A Toronto House | Condos
There are six key components to the elements of an offer to buy residential real estate. They are:
Depending on the home/condo market conditions in Toronto and information provided by me, your Real Estate Professional, the price you offer may be different from the seller's price. This is normally the case. However, there are exceptions, for example in a Multiple Offers situation.
Your Deposit shows good faith and will be applied against the purchase of the home when the sale closes. As a Toronto Realtor, I can advise you on an appropriate amount. In some cases, the seller prefers that this is provided by Bank Draft or Certified Cheque.
Includes the total price offered, financing details and closing terms. You arrange your own mortgage financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.
These might include "subject to home inspection", or "subject to mortgage financing" or in the case of a condo, "subject to review of status certificate".
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors. These items would remain in the house unless especially asked for.
Generally, the day the title of the property is legally transferred and the transaction of funds finalized.
An offer to purchase a house or condo is usually made on a standard Agreement of Purchase and Sale. An example of this document may be viewed by clicking here.
Please browse this Toronto Real Estate Site for information on buying or selling a Toronto home or condo. If you would like more information on the elements of an offer, or for more information on buying a home please do not hesitate to call me at (416) 737-7700, e-mail me, or please complete the form below.