Now things are starting to get exciting! You've found the perfect home and it's time to write an offer on it. Now what? Usually the first thing on everyone's mind is what price to offer - and yes this is a big part of it! While you ultimately decide what to offer, Kent will do an evaluation of the property, and show you comparable listings that have sold so you can feel comfortable establishing a fair market value for the property. Once we've decided on price, we move forward with the other details.
-Deposit amount. The deposit is usually offered once subjects have been removed and you are moving forward with your purchase. This amount is held in our trust account until the transaction is completing and is forwarded to your lawyer as part of the purchase price. This amount does count towards your down payment amount required by your lender. How much? It can vary depending on purchase price of the home, but be prepared for $10,000-$20,000 in most cases.
-Subjects. This are the conditions we put in the offer that you must be satisfied with before we remove them and "firm" up the purchase. A typical subject removal period will be 1-2 weeks from the date the offer is accepted. This will include things such as a home inspection, financing (pre approval isn't enough, the lender still needs to approve this specific property), title review, strata document review and others depending on what each property might require. This is your due diligence period! While it is unlawful for a Seller to mis-represent the property, at law home purchases are still considered Buyer Beware - so it's important to have all your bases covered!
-Completion/Possession dates. Completion is the day the money is actually transferred and you become owner of the property, and Possession is usually the following day, moving day! In most cases you take Possession of the property 4-12 weeks after subjects are removed.