Buyers: Making An Offer on an Ottawa Condo
An Offer to Purchase must be in writing and accompanied by a deposit cheque.
The major elements of an offer include:
- Legal Names of Buyers and Sellers
- Legal Description of the property, including the legal description of any parking space or storage locker
- Purchase Price (the amount you are willing to pay). Depending on the local market conditions, your opinion of value and market information provided by your realtor, the price you offer may be different from the seller's asking price.
- Amount of Deposit: The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. Your realtor can advise you on an appropriate amount, usually between $1,000 to $5,000.
- List of Terms and Conditions: this might include items such as obtaining financing, obtaining a satisfactory building inspection, obtaining a status certificate for the property, or subject to selling your existing property.
- List of Fixtures and Chattels that are included and excluded. These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors, or appliances such as fridge, stove, etc.
- Amount of monthly common expenses
- Closing/Occupancy date: Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified. This is the day you get the keys to your new home!
The offer will be written on a standard contract form called an Agreement of Purchase and Sale. The Seller may make changes. This constitutes a Counter Offer by the Seller. When the Buyer and Seller agree on all terms, then we have an Agreement. At this point, The Renaud Otten Team Buyer Sales Representative will assist you in meeting your conditions, i.e., Financing, Inspections, etc.
For more information, contact Ray Otten, Broker, by phone at 613-623-0090, at RE/MAX metro city realty ltd., Brokerage, independently owned and operated.