Home Buying Guide: Offer
finally found the perfect home and are ready to make an offer. You and
your Realtor will need to determine what price to offer and fill
out a standard form called the Contract of Purchase and Sale.
Your Realtor will present your offer to the seller, who will accept,
reject or make a counter-offer.
If your offer
is accepted you will still need to remove the subject clauses before
the sale is finalized. If your offer is rejected, there is no deal
and that is the end of the transaction. If the seller presents a
counter-offer in which some of the terms are changed, you are then
free to accept the counter-offer, reject it or make a counter-offer.
Once your offer
is accepted you will need to carry out a number of steps and fulfill
certain legal requirements before the completion of the transaction.
amount you agreed to in the contract. This will be kept in trust
and will become part of your down payment.
the home inspected.
Most Realtors recommend that you have your home inspected by a
certified home inspector. Ask your Realtor for a list of qualified
the conditions and subject clauses set out in the contract.
For example, if you made the sale subject to a certified inspection,
you will have to complete the inspection by the stated date. If
the findings from the inspection report are not to your satisfaction,
then the condition wasn't met and the contract will terminate.
your mortgage. You
will need to send your lender a copy of the Contract of Purchase
and Sale and an up-to-date land survey of the property. The lender
will also arrange to have an appraisal of the property done.
a lawyer or notary public.
Your Realtor will send your lawyer/notary a copy of the signed
Contract of Purchase and Sale. Your lawyer/notary will:
- Search the
title to make sure it is free of complications.
- Make sure
the property taxes are up to date.
all the documents to transfer ownership to you.
- Ensure that
the seller's mortgage is discharged.
a Statement of Adjustments showing the money you owe.
for the transfer of money from your lender to the seller.
- Ensure you
are registered as the owner in the Land Titles Office.
Day is the day you legally get ownership of the house. There are
several things that will take place.
- Your bank
will provide the mortgage money to your lawyer/notary.
- You must
pay the balance owing, including the down payment, legal fees,
property transfer taxes, and any other remaining completion costs.
- Your lawyer/notary
will pay the seller and register the home in your name with the
Land Title Office.
- You will
get the keys to your new home.
are now able to move in to your new home.