Detailed Toronto Real Estate Board Forms
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Elements of an Offer Explained
There are six key components to the elements of an offer:
Price: Depending on the local market conditions and information provided by me, your Real Estate Professional, the price you offer may be different from the seller's price.
Deposit: Your deposit shows good faith and will be applied against the purchase of the home when the sale closes. As your Real Estate Professional I can advise you on an appropriate amount.
Terms: Includes the total price offered and the financing details. You arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.
Conditions: These might include "subject to home inspection", "subject to you obtaining financing", or "subject to you selling your property".
Inclusions and Exclusions: These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors. These items would remain in the house.
Closing or Possession Date: Generally, the day the title of the property is legally transferred and the transaction of funds finalized.