Basic Vocabulary

Price: The price you offer reflects your opinion of the value of the house and is determined by the condition of the property and local market factors. You can make any offer you like. It does not have to be the same as 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. I can advise you on an appropriate amount.

Terms: Include 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: Conditions are items that must be completed or fulfilled prior to an offer being concluded. These can include beingsubject to home inspection, subject to you obtaining financing, or subject to you selling your existing property.

Closing or Possession Date: The closing date is generally the day the title of the property is legally transferred and the transaction of funds finalized, unless otherwise specified.