Making An Offer
Your agent will also draft an offer that will address all your concerns and questions. They will ensure that the terms and conditions included in your Agreement has been tailored to the facts and your circumstances.
Your agent will communicate the offer, (Agreement of Purchase and Sale*), to the seller, or the seller's representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time.
The Agreement of Purchase and Sale is a legal and binding document that specifies the terms and conditions under which you wish to purchase the home.
Firm Or Conditional?
Firm Offer to Purchase: usually preferable to the seller, because it means that you will be purchasing the home, and the seller can make their own personal moving plans based on your binding unconditional offer. If your firm offer is accepted, break out the champagne ... the home is yours!
Conditional Offer to Purchase: means that you have placed one or more conditions on the purchase, such as "conditional upon an acceptable home inspection", or "conditional upon obtaining satisfactory financing" or "conditional on the sale of your existing home". This means that the home is not sold until all the conditions have been met. With some conditions the seller may still be able to offer the property to another buyer, however you still have first right and need to advise the seller if served notice whether or not you will be proceeding with the purchase or allowing the seller to sell to the other buyer.
Acceptance of the Offer