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Making an Offer
Along with your mortgage agreement, the offer to purchase is one of the most important documents you'll sign. Your lawyer/notary should review any offer or counter-offer you make or receive to ensure your best interests are protected.
What's Included in an Offer?
- Proposed purchase price.
- A list of all items included in the purchase price such as appliances and lighting fixtures.
- Closing date and date of occupancy.
- Financing information: the amount of your deposit, interest rate payable on the deposit, amount of down payment and mortgage.
- Details of the vendor's mortgage if you are assuming it.
- Conditions to the sale.
- Any obligations to be fulfilled by the vendor, including time frames for completion (such as repairs or cleaning out belongings).
- Time period for which the offer is valid.
- Vendor's obligation to provide an up-to-date survey.
- Any real estate commissions.
Hire a Home Inspector
An experienced property inspector is invaluable. Include a satisfactory home inspection, conducted by the inspector of your choice, as a condition of your offer. A knowledgeable inspector can determine whether there are serious defects with the house that might cause you to reconsider your offer.
Applying for a Mortgage
Once your offer to purchase is accepted, make your formal application for a mortgage. You will need to provide your lender with:
- Your financial information, including assets and liabilities, monthly expenses and employment earnings.*
- Evidence of your down payment and income.*
- Site and floor plans and specifications if the house is being built.
- The accepted offer and MLS listing if available.
- Your pre-arranged mortgage certificate if you pre-arranged your mortgage.
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