A RE-SALE HOME

1.     If you are a buyer make the time within which the seller has to respond to your offer to purchase (the "Irrevocability Clause") as short as possible. This will prevent the seller from holding you off while he waits to see if another better offer comes in. When the seller has a short period of time within which to respond to an offer he is forced to deal with it or risk losing it. 24 hours is more than enough time.

2.     Make sure that you include in the offer to purchase every item that you wish to be included in the purchase. This would include such things as broadloom where laid, special light fixtures, frig, stove, dishwasher, drapes, curtains, etc. If something isn’t specifically mentioned it isn’t part of the deal.

3.     Always put in the offer to purchase that you will be entitled to one or two further inspections prior to closing. This will enable you to visit the home before closing to take any measurements that you may need for carpets, drapes, or furniture, and will also enable you to make sure that no damage has been done to the home between the date of the agreement and the closing date. In addition, be sure to insert a CONDITION in the offer to purchase that the deal is subject to receiving a home inspection report which is satisfactory to you IN YOUR SOLE DISCRETION. This enables you to terminate the deal if your inspector finds out something about the home that is not to your liking.

4.     Always make the deal CONDITIONAL upon your obtaining financing on terms satisfactory to you IN YOUR SOLE DISCRETION. Do not specify the amount, the interest rate, or term of mortgage that will be satisfactory to you. Leave it vague to preserve your options or to give you time for any second thoughts. In this connection, before you start looking for a home you should always visit a mortgage broker to pre-qualify for a mortgage. This will tell you how much money you have to apply to the purchase. There is no charge for this service and the mortgage broker will search the market to obtain the best rate and terms to suit your financial capabilities.

5.     When buying a condominium always make sure that the offer to purchase provides that the seller will provide you with a Status Certificate and copies of the condominium documents at the sellers cost within 10 days of acceptance of the offer to purchase. These documents are essential and usually cost about $100.00, but it is better if the seller pays this than you.

6.     Finally, whether you are a first-time home buyer or a buyer with prior purchasing experience, make the offer to purchase conditional for a period of 24 or 48 hours for approval by your solicitor. In any case, once the offer has been accepted by the seller, ensure that you provide a fully signed, legible copy to your solicitor so that he may begin work on your purchase.