Elements of an offer | SO&Co.
Elements of an offer

From price to condition to possession, here’s a quick guide to everything you need to know before making an offer on a Toronto area home.

Price

Depending on local market conditions, your opinion of value, and marketing information provided by your Royal LePage REALTOR®, the price you offer may differ from the seller’s asking price.

Deposit

The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. Your REALTOR® can advise you on an appropriate amount.

Terms

This includes the total price offered and the financing details. You may arrange your own financing or ask to assume the seller’s mortgage, especially if it has an attractive interest rate.

Conditions

These might include “subject to home inspection,” “subject to buyer obtaining financing” or “subject to buyer selling their property.”

Inclusions and Exclusions

These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

Closing or Possession Date

Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise stated.