How Do Offers Work in Real Estate?
😀So you found a home that you like, you want to proceed and put in an offer. 🏠💼
How exactly does this work? 🤔
In order to submit an offer in Ontario? 📄🖊️
We use standard OREA forms.
So this stands for Ontario Real Estate Association.
And basically, we, your real estate agents, just fill in the blanks.
😎There are five main components that you're gonna want to consider when putting together an offer.
First and foremost, you're gonna want to consider what price you want to offer to the sellers. 💰
Next, you're also gonna want to consider the deposit. 💵
So typically, the deposit is due within 24 hours of an accepted offer.
Now, these funds do go towards your down payment.
So it's not money that's lost.
A typical deposit is anywhere between 2 to 5% of the purchase price.
It's essentially just a token of good faith to the sellers that you are, in fact, serious about your offer and proceeding with the home. 🤝
Another factor to consider is the closing date. 📆
So this is essentially the date that you are going to get possession of the home.
Now, what's included and what is excluded from the home.
In Ottawa, it is pretty standard that all appliances, kitchen appliances, washer/dryer will be included with the sale of the home, as well as all window coverings, any light fixtures that are attached to the property.
There may be some exceptions; however, if there are any exceptions, those need to be explicitly stated as excluded.
And lastly, do you want to include any conditions in your offer?
Conditions are there to protect you, the buyer.😎
Standard conditions include a financing condition, a home inspection condition.
If you're looking at a condominium, you're going to want to have the status certificate reviewed by a lawyer, and for rural properties, you're going to want to have the septic tank as well as the well inspected.
Now, these are all things that your realtor will be able to guide you through and help you navigate, and there you have it.
Those are the five major components that you want to consider when putting together an offer to submit to the sellers.
I'm Melanie from the Hamre Team.
⭐And if I can help you achieve your real estate goals, it would be my absolute pleasure to help.
Have a wonderful week.
Take care. 🌟🏡