The Major Elements of an Offer
Below are the major elements of an offer on your home. They include the price, deposit, terms, conditions, inclusions and exclusions and closing or possession dates.
Depending on the current market conditions, the price offered may differ from the asking price. I will guide you in determining what price offers and conditions will work best for you to sell your home.
The deposit shows the buyer’s good faith and will be applied against the purchase price of the home when the sale closes. I will help advise you on the suitability of the deposit being offered.
Includes the total price the buyer is offering, as well as the financing details. The buyer may be arranging their own financing or may ask to assure your existing mortgage if you have an attractive rate.
Offers can be “firm” which means that buyers are willing to buy the home exactly as it is. Or the offer could be “conditional’ on things like a property inspection, approval of financing or the sale of their existing home. The home may not be sold until all agreed upon conditions have been met.
Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, which would be included (or excluded) in the purchase of the property, such as window coverings, lighting fixtures, or mirrors.
Closing of Possession Date
Generally, this is the day the title of the property is legally transferred, and the transaction of funds is finalized, unless otherwise stated.