Once you have found a property you would like to purchase, the next step is preparing an offer. An offer is a legally binding proposal to purchase the property on specific terms and conditions, so it is important to understand what you are agreeing to before signing.

Patsy will help you evaluate the property, consider current market conditions and recent comparable sales, and prepare an offer that reflects your objectives while protecting your interests. She will present the offer to the seller’s representative and negotiate on your behalf throughout the process.

What Goes Into an Offer?

While every transaction is different, an offer to purchase will typically address several important elements:

1. Purchase Price
The amount you are offering to pay for the property. Your offer may be at, above or below the asking price depending on the property’s value, market conditions and competing buyer interest.

2. Deposit
The deposit demonstrates the buyer’s commitment to the transaction and, once paid, is generally held in trust and credited toward the purchase price on completion. Patsy can advise you on an appropriate deposit amount and timing for your particular offer.

3. Subjects and Conditions
An offer may include conditions that must be satisfied before the transaction becomes firm. Depending on the property and circumstances, these may include financing, a home inspection, review of strata documents, title review or other appropriate due diligence.

4. Included and Excluded Items
The contract should clearly identify what is included with the property and any items specifically excluded from the sale. This may include appliances, window coverings, fixtures or other items.

5. Completion and Possession Dates
The completion date is generally when the purchase funds are transferred and legal ownership changes to the buyer. The possession date specifies when the buyer is entitled to take possession of the property.

What Happens After You Make an Offer?

The seller may accept your offer, reject it, or make a counter-offer proposing changes to the price, dates, terms or conditions. Negotiations may continue through subsequent counter-offers until the parties reach an agreement or negotiations end.

In a competitive market, you may also be competing against other buyers. Patsy will help you understand the circumstances, evaluate your options and develop an appropriate negotiating strategy without losing sight of your budget and priorities.

Guidance Throughout the Negotiation

With decades of experience negotiating Greater Vancouver real estate transactions, Patsy will explain the contract, important dates, subjects and other terms before you proceed. Her role is to ensure you understand the process, protect your interests and help you make an informed decision at every stage of the offer and negotiation.