Someone wants to buy your nest!
Once the offer is presented and all the terms and conditions agreed to, it is deemed to be ACCEPTED. The conditional period begins. During this time your home is still on the market, and we advise that you carry on as normal until the SOLD SIGN goes up. All of the conditions that were outlined in writing as part of the offer must be met before it can become FIRM AND BINDING. If for any reason the BUYER does not remove all of the conditions, we don't want to loose valuable marketing time and we want to avoid disappointment.
Most offers contain the following conditions:
Mortgage approval for the purchase will need to be obtained by the buyers for this condition to be met.
Expect an appraiser from the lender’s company to review your property and verify that the sales price is appropriate.
A professional home inspector will thoroughly check the home and let the buyers know if there is anything to be concerned about. The inspection will be scheduled by the buyer’s agent. If there are undisclosed issues about the property that could impact the decision of your buyer, a renegotiation of the terms of the contract might be requested. We assure you that your best interest will be served.
Buyers who are obtaining a mortgage, are required by their lender to purchase insurance on the property
Sale of Purchasers Property
If your buyers are purchasing a property and still need to sell their current property they might make this condition part of their offer. We will advise and help you decide whether to accept an offer with this condition and what type of timeline you will allow if you do accept.
Strata By-laws and Documentation (if applicable)
Selling a strata property will require the information about the strata corporation be given to the buyer to read and understand. We like to be fully prepared ahead of time. These documents will include:
- a registered copy of the strata plan
- at least 24 months of strata council meeting minutes
- minutes from the past 2 Annual General Meetings
- the bylaws and rules of the strata
- any restrictions for the use of the property
- the Form B provided by the Strata Management Company
- the strata depreciation report
- a recent engineers report and building envelope study
- details of the parking and storage agreements
- insurance and legal clarification
- obligations and duties of both the owner and the strata
- the operating budget and financial statements
A Firm Offer -THE SOLD SIGN GOES UP!
When all of the negotiations have concluded, conditions have been met and the appropriate paperwork is signed and submitted the offer is considered firm. The buyers deposit will be received and held in a trust account until Closing - the day that the tile and money transfers.