Engel Volkers - Vancouver - Flipbook - Page 51
E n g E l & Vö l k E r s | B U Y E r & s E l l E r g U I D E
Making the o昀昀er
Based on your research notes, finances and the properties you've viewed, you've finally found the home that meets your
criteria. You're ready to make an offer. an offer includes the price you would like to pay for the home in question. how much
you will offer could depend on finances, comparative prices of other homes in the market, as well as private property and
appliances to include in the sale.
the offer also includes a good faith deposit, which is an amount of money that demonstrates your commitment to the
property. a good faith deposit is not the same as a down payment, which is considerably more. the amount of the deposit
might be between 1 and 5 percent of the purchase price and is usually held with the seller's agent brokerage.
also in the offer are items in the house, including appliances that would be part of the sale and repairs you would require the
seller to make, prior to the closing. Dates should also be mentioned in the offer including the closing date and move-in date.
Fees associated with the sale and who will be responsible for each, should be determined.
contingencies help offer protection on the way toward finalizing a deal. While a seller could accept a competing offer without
contingencies and a speedier process, you should consider certain risks. For example, you can ensure that a contract could
be finalized contingent upon receiving written loan approval, and that you can cover the cost of the purchase. You can also
make the deal contingent on successful inspection results and the completion of any major repairs or deductions equal to the
value of those repairs. If you own a home and need to sell it prior to purchasing a new home, the purchase can be contingent
on the successful sale of your previous home. Deadlines should be assigned to each contingency.
The closing
this is the process in which the transaction is completed and the title of the property is passed from seller to new owner.
Before the closing, the buyer conducts a final walk-through of the home to make sure that the property is as it was when you
viewed it and that all repairs that may have been stipulated in the offer have been completed to satisfaction. During the
closing, paperwork that has been prepared by all parties involved, including the agents, the bank providing the mortgage,
attorneys and title companies, are signed.
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