The Offer to Purchase

It has taken some time but you have finally found the home of your dreams through the Private Home Sellers Guide. Now what do you do?

Well, the first step is to submit an offer to purchase to the seller. This offer to purchase, also referred to as the Agreement of Purchase and Sale, is a contract between the buyer and the seller containing all of the essential terms and conditions regarding the purchase of the house. This will include such things as the name of the parties, the address and legal description of the property, the purchase price and other details.

Keep in mind that once both the buyer and the seller sign the Agreement of Purchase and Sale, it is legally binding on both parties. It is, therefore, extremely important that before signing this contract, both parties consider seeking professional legal advice. For example, the buyer's lawyer may insert the following into the contract to protect the buyer's interests:

• Conditions regarding financing at terms satisfactory to the buyer
• Conditions regarding home inspections which would enable a dissatisfied buyer to get out of the transaction without losing his deposit
• A clause requiring that the seller provide an up-to-date survey of the property
• A warranty stating that all of the appliances being left behind by the seller be in good working order on closing