When it comes time to make an offer, your Royal LePage REALTOR® will provide current market information and help you draft your offer. He or she will communicate your offer, sometimes known as an Offer to Purchase*, to the seller, or the seller’s representative, on your behalf. There may be more than one offer on a property at the same time. Your REALTOR® can guide you through this process.
*Offer to Purchase: a legal document which specifies the terms and conditions of your offer to purchase the home. The offer can be Firm or Conditional.
Sellers usually like this best, because it means that the buyer is prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.
This means that you have placed one or more conditions on the purchase, such as “subject to home inspection,” “subject to financing,” or “subject to sale of buyer’s existing home.” The home is not sold until all the conditions have been met. In the province of Quebec, this is referred to as a “Promise to Purchase.”
Your Offer to Purchase 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.