Sellers: Getting an Offer on Your Ottawa Condo
An Offer to Purchase must be in writing and accompanied by a deposit cheque.
The major elements of an offer include:
- Legal Names of Buyers and Sellers
- Legal Description of the property, including the legal description of any parking space or storage locker
- Purchase Price (the amount you are willing to pay). Depending on the local market conditions, your opinion of value and market information provided by your realtor, the offer you receive may be different from your asking price.
- Amount of Deposit: The deposit shows the purchasers' good faith and will be applied against the purchase of the home when the sale closes. An appropriate amount is usually between $1,000 to $5,000.
- List of Terms and Conditions: this might include items such as obtaining financing, obtaining a satisfactory building inspection, obtaining a status certificate for the property, or subject to selling the purchasers' existing property.
- List of Fixtures and Chattels that are included and excluded. These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors, or appliances such as fridge, stove, etc.
- Amount of monthly common expenses
- Closing/Occupancy date: Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified. This is the day you move out of your condo.
The offer will be written on a standard contract form called an Agreement of Purchase and Sale. You may make changes. This constitutes a Counter Offer. When the Buyer and Seller agree on all terms, then we have an Agreement. At this point, The Renaud Otten Team Listing Sales Representative will assist you in negotiating an Counter Offers you deem to be necessary in order to sell you home.
For more information, contact Ray Otten, Broker, by phone at 613-623-0090, at RE/MAX metro city realty ltd., Brokerage, independently owned and operated.