When you have found a home you are interested in buying, I will walk you through the process of drafting an offer to purchase and will communicate the offer to the seller or the seller's real estate agent for you. I will assist you in generating an offer that is reasonable and protects your interest using specified terms and conditions.
Inclusions and Exclusions
There are specifications within the offer that detail the items to be included or excluded from the purchase of the property. Typical inclusions are appliances, window coverings, fixtures and decorative pieces. I will ensure that all inclusions are clearly stated in the Contract for Sale and Purchase.
A deposit is provided from the buyer to the seller as a token of the buyer's assurance and intention to buy the property involved. The deposit is applied against the purchase price of the home once the sale has closed. Deposit is usually held by the vendor’s brokerage in a trust account.
Items that are usually put in place to protect a party's interests upon selling or buying the property and refer to things that must occur or be in place before the sale closes.
This is usually the date that the legal ownership of the property transfers from the seller to the buyer and, unless otherwise noted, when the funds for the purchase are concluded.
When the buyer takes possession as specified in contract of purchase and sale.
This is the date that is used on the Statement of Adjustment to calculate Property tax adjustments, Interest rate adjustments, etc.
Home Purchase Expenses
In addition to the downpayment, there are additional costs that are incurred, such as
Legal Fees & Disbursements
GST (if applicable)
Property Transfer Tax
Property taxes and adjustments
Home Inspection Fee
Mortgage Loan Insurance Premium (if less than 20% down)