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Navigating the Offer to Purchase: A Comprehensive Guide for Buyers and Sellers by homeFree

Navigating the Offer to Purchase: A Comprehensive Guide for Buyers and Sellers by homeFree When selling privately, it does not mean that you are alone. When you are listed with homeFree, we are here to fully support both buyers and sellers throughout the entire process. Let the homeFree team and our legal partners at Edmonton […]

homeFree

September 26, 2023

Navigating the Offer to Purchase: A Comprehensive Guide for Buyers and Sellers by homeFree

When selling privately, it does not mean that you are alone. When you are listed with homeFree, we are here to fully support both buyers and sellers throughout the entire process. Let the homeFree team and our legal partners at Edmonton Law Office support you. With a Offer to Purchase and step-by-step instructions, selling your home with homeFree can be easy! 

 

Understanding the Offer to Purchase 

Buyer Actions: A Step-by-Step Guide

  • Pre-qualify for a Mortgage:

    • Buyer’s Tip: Before starting your search, get pre-qualified for a mortgage to establish a budget.
    • This is the initial step where buyers ascertain their financial standing and loan eligibility with homeFree’s preferred mortgage partners.
  • Complete the Offer to Purchase Form:

    • Buyer’s Tip: Use the form provided by homeFree to make an offer to sellers.
    • Diligently fill out the offer to purchase form, ensuring all information is accurate, to avoid any discrepancies later in the transaction.
    • Edmonton Law Office will review this for you free of charge! 
  • Provide Offer to Purchase and Deposit Cheque to Seller:

    • Buyer’s Tip: Make a cheque payable to the seller’s lawyer “in trust” to protect your deposit.
    • This secures the buyer’s intention to purchase, showing commitment and serious interest in the property.
  • Counter-Offer, if Necessary:

    • Buyer’s Tip: If a counter-offer is needed, make changes to the Offer to Purchase and initial all modifications before returning it to the seller.
    • This allows the buyer to negotiate terms, price, and conditions to reach a mutually beneficial agreement.
  • Remove Conditions:

    • Buyer’s Tip: Remove any buyer’s conditions included in your offer once they have been met, and forward the completed Condition Removal Schedule provided to you by homeFree to your lawyer.
    • This step is about finalizing the agreement details, making way for a smooth transition to the closing of the transaction.
  • Complete the Purchase:

    • Buyer’s Tip: Congratulations, you have bought your new home and saved thousands with homeFree!
    • At this stage, the transaction processes are in motion, and both parties are working towards closing the deal.
  • Possession Day:

    • All aspects of the closing will now be handled by Edmonton Law Office or the law firm of your choice. 
    • Welcome to your new home!

Seller Actions: A Detailed Overview

 

  • homeFree Seller Tip: A real estate transaction is a very simple legal trnsaction; you (the property seller) and the property buyer may choose the same legal partner, such as Edmonton Law Office to complete the transaction. This allows you to save even more throughout the real estate transaction. 
  • Receive the Offer and Deposit Cheque:

    • Seller’s Tip: Request the buyer to be prequalified and never sign more than one offer.
    • Sellers should carefully review the received offer and verify the deposit cheque.
  • Consider the Offer:

    • Seller’s Tip: If multiple offers are received, accept only one. Review the terms meticulously before making any decisions.
    • This is the step where sellers decide to accept, reject, or counter the offer based on their preferences and requirements.
    • homeFree’s legal partner, Edmonton Law Office is here to support you and answer questions, free of charge! 
  • Counter, Reject, or Accept the Offer:

    • Seller’s Tip: You can counter the offer, let it expire and return the deposit cheque, or make the desired changes, initial them, and return to the buyer.
    • This is a critical phase where negotiations occur to finalize the deal’s terms and conditions with the guidance of homeFree’s expert advice from Edmonton Law Office.
  • Forward the Completed Offer and the Deposited Cheque to Your Lawyer:

    • Once agreed upon, thefinalized documents and the cheque must be forwarded to your lawyer for further processing.
  • Remove Conditions:

    • Seller’s Tip: If you include any seller’s conditions in your offer, remove them once met and forward the completed condition removal schedule to your lawyer.
    • This is crucial to progress the transaction to the concluding stages.
  • iSold My House:

    • Seller’s Tip: Install the “Sold Sign” and celebrate the successful sale of your property with homeFree, once conditions have been removed. 
    • Congratulations! You can now enjoy the success of having efficiently navigated the selling process and saving thousands!
  • Possession Day, Woohoo!:

    • This is the day the new owners take possession, concluding the transaction.

Conclusion:

Understanding the flow of the offer to purchase is essential in navigating the intricate realm of real estate transactions. Whether you’re a buyer aiming to secure your dream home or a seller looking to get the best value for your property, adhering to these steps and tips, provided by homeFree, ensures a smoother, more informed experience. So embark on your real estate journey with confidence, armed with the knowledge to make the right decisions at every turn!

 

Courtesy of Whatever Else Marketing

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* Only when the buyer comes direct, otherwise the seller may choose to negotiate a commission with the buyer’s agent.

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