The real estate landscape is constantly changing. Depending on the current market conditions, you may be guided by your real estate team to take certain actions. For example, in a very strong seller’s market it might be advisable to conduct as much due diligence prior to submitting an offer as you may find yourself in a position where a conditional offer would out you at a disadvantage. Conversely, in a buyer’s market, you will have more leverage and be in a position to “ask” more of the seller.
Your real estate team will conduct extensive research on the property and area prior to you submitting an offer. These details will help you in making the best possible decision for you and your family. However, the decision as to what direction you want to take always rests with you, the client.
Once you’ve submitted the offer the seller can either accept, reject or counter your offer. Negotiations can be quick and in same cases they can last for days. Assuming you ultimately come to an agreement with the seller, you may find yourself in a conditional period. The two most common conditions built into Agreements of Purchase and Sale are conditions regarding a home inspection and buyer financing. Typically, you’ll have a pre-determined amount of time to satisfy those conditions. If any issues arise during the conditional period, this is your opportunity to “kill” the deal. However, assuming all works out well, your Realtor will have you sign a “Notice Of Fulfillment”, “Waiver” or an “Amendment”, essentially removing the conditions from the Agreement and/or altering the Agreement as a result of something that arose during the conditional period. Once the conditions are fulfilled your deal is considered firm and binding. Now take a big sigh of relief, one of the hardest parts is over.
If your accepted offer did not contain any conditions your deal is considered firm and binding once the deal is accepted. The only necessary step at this point is to submit the required deposit cheque. Note: some buyers have failed to submit the deposit cheque as a means to “kill” the deal, but at The Graham Partners we highly discourage and actively speak against such practices. It is in our belief that once a firm agreement is reached it should be honoured (with very rare and unforeseen exceptions).
Always keep in mind that any questions you may have are better to be asked upfront. Once your offer on a property is firm you are legally obligated to follow through on the closing. Not doing so could put you in a situation where the seller could sue you, in addition to you losing your deposit. Thankfully, these situations are relatively rare, particularly with our clients.
Step 1: Choose A Real Estate Agent
Step 2: Preparing To Buy
Step 3: Get Pre-Approved
Step 4: Time To Go Shopping
Step 5: Putting In An Offer
Step 6: Moving In