Homebuying Step by Step: Your Guide to Buying a Home in Canada
Making an offer Once you’ve found the home you want to buy, you need to give the seller an offer to purchase (also called an “agreement of purchase and sale”). An offer to purchase is a legal contract that should be carefully prepared by your real estate agent and/or lawyer (or notary in Quebec). STEP5 Making an offer and closing the deal Congratulations! You’ve chosen a mortgage that works for you, found a home that fits your budget and put together your homebuying team. Now it’s time to make an offer and close the deal!
Your offer should include: • your legal name, the name of the seller and the address of the property • the purchase price (the amount you’re offering to pay) • the amount of your deposit • any extra items you want included in the purchase such as window coverings or appliances • the closing date , which is the date you want to take possession of the home (usually 30 to 60 days after the agreement is signed for existing homes and longer for newly constructed homes) • a request for a current land survey of the property • the date the offer expires • any other conditions that must be met, such as a satisfactory home inspection or lender approval of your financing The contract will only become final once all the conditions have been met.
You should expect to negotiate. While the process can be stressful, it’s all about making the best deal for you and the seller.
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