Home2Own

The Offer to Purchase

Now that you have selected a home of preference, a written offer to purchase must be prepared. I will use standard legal forms and will enter any conditions specific to you. Standard terms include the following:

Date of offer
Date and time that the offer expires
Legal names and addresses of buyer and seller
Legal description of the property
Deposit amount ( The deposit is held in a trust account and goes towards the down payment once purchase is finalized)
Sale price
Details as to how you will finance the purchase
A list of items which are not attached to the building but which you want included in the purchase (For example: washer, dryer, fridge, stove, drapes)
Your signature

Conditions that are specific to you and that must be satisfied before the sale is finalized are called subject clauses. The purpose of a subject clause is to set out a specific condition that must be fulfilled before the sale can be finalized. These typically include the following:

Subject to financing
Subject to strata meeting minutes being read and approved
Subject to a building inspection

Once your offer has been accepted, there are a number of steps to work through in order to complete the transaction.

SUBJECT REMOVAL=

The first subject to be removed may be "subject to financing". If you have this subject in your contract, you need to make sure that your financing is in place before subject removal. Your lending institution will need to be advised of the particulars of the property you are purchasing so they can do an appraisal. Pre-approval will, of course, make this step unnecessary.

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The Offer to Purchase

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