Congratulations, we’ve found your perfect property; it’s in your ideal neighbourhood, meets your Must Have list and is in your price range! Now comes the exciting and equally nerve wracking part: preparing an offer. But don’t worry you don’t have to do it alone – we’ll be there to guide you through the entire offer process.
We’ll sit down and review the offer paperwork and prepare an offer based on the current market value of the property. The Agreement of Purchase and Sale is a legally binding document that contains everything from the price you’re prepared to pay, property inclusions/exclusions (ex. washer/dryer) and a closing date. We will review if the property is taking offers anytime or if they are holding back and we’ll help you strategize accordingly.
Once we have submitted your offer, the seller can accept it, reject it or sign back a counter offer.
During back-and-forth negotiations, you may need to compromise on some things but we’ll cross that bridge when we get to it. You’ll also need to submit a deposit that will be held in Trust by the listing brokerage until closing. That deposit is due within 24 hours of an accepted Agreement of Purchase and Sale. We recommend to our clients that they have the funds available before we start looking at properties. If you’re in competition for a house you may need to have the deposit on hand for me to present during the presentation. We’ll guide you through all of these steps as soon as we start working together.
We may include a conditional period in your offer for conditions such as home inspections, financing or, in the case of condo’s, the condominium status certificate. We’ll organize these as needed, ensuring that everything is completed with the stated conditional period. Once the conditions are met, your deal is now firm! The only thing to do now is to wait until your closing date, sign the closing papers with your lawyer, organzie the utilities at your new property and pack!
Closing is the point at which the ownership and possession of the property is transferred from the Seller to you. It takes place after all legal and financial obligations have been met. Closing your purchse will be a team effort: in addition to yourself, your lawyer, your lender and your specialist will be involved in helping close your deal!
Are you thinking of buying your first home? Could you benefit from our first time home buyers consultation? Contact us at hello@christinecowern.com or 416-291-7372.
Would you like to know more about the buying process?
All you need to do is say “hello,” and we’ll handle the rest.
