STEPS IN MAKING AN OFFER

1. PRICE
Depending on local market conditions, your choice of representation, you opinion of value and market information provided by Jim & Iris, the price you offer may be different from the Seller's asking price - more or less.

2. DEPOSIT
The Deposit shows your good faith and will be applied against the purchase of the property when the sale closes. Jim & Iris can advise you on an appropriate amount.

3. TERMS
Includes the total price offered and the financing details. You may arrange your own financing, if required, or ask to assume the Seller's mortgage, especially if it has an attractive interest rate.

4. CONDITIONS
These might include "subject to home inspection", "subject to you obtaining financing" or "subject to you selling your property".

5. INCLUSIONS AND EXCLUSIONS
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors, furniture items, boats, etc.

6. CLOSING AND POSSESSION DATE
Generally, the day the title of the property is legally transferred and the transfer of funds finalized, unless otherwise specified.

When it comes time to make an offer, Jim & Iris can provided current market information and will assist you in drafting the details of your Offer. We will prepare it on our computer, utilizing standardized forms approved by the Ontario Real Estate Association. These standardized forms help ensure that all required legal aspects of your Offer are addressed.

Jim & Iris will communicate your Offer, known as an Agreement of Purchase and Sale, to the SSller, or the seller's representative, on your behalf. Sometimes there may be more than one Offer on a property coming in at the same time. Jim & Iris can guide you through this process.

The Agreement of Purchase and Sale is a legal document which specifies the terms and conditions of your offer to purchase the home or cottage.

The offer can be Firm or Conditional.

A firm Agreement of Purchase and Sale is usually preferable to the Seller, because it means that you are prepared to purchase the home without any conditions. If the Agreement of Purchase and Sale is accepted, the property is yours.

A conditional Agreement of Purchase and Sale means that you have placed one or more conditions on the purchase, such as "subject to home inspection" or "subject to sale of buyer's existing property". The property is not sold until all the conditions have been met, and appropriate waivers have been signed and issued.

Acceptance of the Agreement of Purchase and Sale... Your Offer will be presented as soon as possible. The Seller may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The Offers can go back and forth until both parties have agreed, or one of you ends the negotiations.

Once an Offer has been agreed to by the Buyer and Seller, there are a number of additional paperwork formalities which must be dealt with. Jim & Iris will assist you with these details. A copy of all appropriate documents is then provided to a lawyer of your choosing, who will then be responsible for all the legal aspects of completing the transaction.