The Major Elements of an Offer:

PRICE

Depending on the market and the buyer, the price offered is generally different from the asking price.

DEPOSIT

The deposit shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes. It is held in trust by the Seller's Realtor.

TERMS

Terms include the total price offered as well as many other details such as closing date, inclusions and conditions. The buyer may be arranging their own financing or may ask to assume your existing mortgage if you have an attractive rate.

CONDITIONS

Conditions may include "subject to home inspection", "subject to arranging financing", "subject to the sale of the purchaser's property" or all of these.

INCLUSIONS / EXCLUSIONS

These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

CLOSING / POSSESSION DATE

Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified (except in Manitoba and Quebec).

NOTE: In B.C. the possession date is usually 1-3 days after the closing.