Homebuyer's Road Map Series - Making an offer®
Sunday Jul 30th, 2023
After seeing many different homes, you have finally found one worthy of an offer! What are the next steps?
WHAT IS AN OFFER?
An offer is a formal, legal agreement to purchase a home and is legally binding once accepted by the seller. Offers to purchase a home can be made conditional on factors such as financing or a home inspection. If any of the conditions are not met, you can change or cancel the offer, even if the seller has already accepted it.
DO YOU HAVE YOUR MONEY READY?
You will need to present a deposit along with your offer. The amount varies based on the home’s purchase price and the market.
DO YOU HAVE UP-TO-DATE IDENTIFICATION?
The federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires REALTORS® to identify clients involved in the buying and selling of real estate. REALTORS® need to record your name, address, date of birth and occupation for their files which are kept for at least five years. They need to see valid government-issued ID.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) provides more information about the Act on its website: www.fintrac-canafe.gc.ca