Personal Picture
Manoj Atri
Sales Representative
Re/Max Hallmark Realty Ltd., Brokerage
Independently owned and operated.
Manoj@ManojAtri.com
Presale Condos
Feature Homes
Recent Sales
Testimonials
Contact Us
Pre-construction Condos
Mile and Creek 3 Alister at Solterra Parkside39 Towns Empire Canals Southlands at Exchange District Vidal Evelyn at Rise and Rose Pier 8 Vicinity 2992 Sheppard Ave Central Park 2 Park and Main Towns Oakpointe The Attersley Homes Stationside Lake Wilcox Towns Lily at Crosstown NY Walk Towns V City Sunshine Harbour Westshore at Long Branch 6080 Yonge The Hill Residences Joya Gemini South Tower M6 LSQ 2 BLVD Q Arcadia District Aspen At Pinnacle Etobicoke Reside on Richmond Wallaceton Towns Sora at the Glade Maison Wellesley Canopy Towers 2 Solterra Creekside Condos Hawthorne East Village Seaton Whitevale Q Tower The Riv Lakevu 3 The Harbour Club The Discoverie The Citadel Cliffside Pickering City Centre Eversley Estates 8 Temple River and Sky Hygge Towns MW ParkHaus Urban Towns The Gates of Bronte Caledon Trails Signature on 7 Clarehaven Estates Bravo 2 Park Road Bellwoods House Panorama Homes Milton Thompson Towers The Leaside 1107 Main Terrace Park Towns Kingside Residences The Unionville The 9Hundred Residences at Bluffers Park Queensland Elegance Luxury Residences Flex Angus Glen South Village Carding House The Highmark The Northshore The Kith Qui Modern Towns The Villages of Oak Park New Seaton Sunnidale Wasaga Beach Allure Gemini Brooklin Towns Meadow Heights Bravo Birchley Park The Addison Residences Daniels on Parliament Lake Pointe Kipling Station UnionCity Raglan House Fairway Meadows Exhale Creekside Marquis Kazmir Nouvelle Towns The Vineyards Emerson House Peachy on the Mountain Trussler West Station No 3 The Ravine Homes LSQ Central Park MILA Bella Bronte Lakeside 88 James Oakbrook Towns Kennedy Circle Lansing Square Picola Towers Downtown Aura Corktown Daniels MPV 2 Paris Riverside Empire Lush Olive Residences The Bedford UPtowns at Heart Lake Vantage Fireside The Vic Westmount Boutique Wilson West The Grand at Universal City Zen Towns Wallaceton by Fusion Homes Mile and Creek Gates of Thornhill 75 James Westbend Residences Centricity Highmount Yonge City Square The Post Panorama Homes VuPoint 2 The Cliffton Motto Harbourwalk Metroside at Fish Creek Above Addington Park NorthCore 316 Junction Porta LeftBank 8 Elm on Yonge Earlscourt Horseshoe Residences Thirty Six Zorra The Design District Gallery Towers Springbank Lux Moda AKRA Living Forma The Essery Bridge House at Brightwater Radio Arts Craft Residences CityPointe Heights Forêt Forest Hill Highland Commons II EXS - Exchange Signature Park Place VMC Q Condos Curio Anthem at The Metalworks Elektra King Hill Homes Bondhead Rutherford Heights M5 at M City The Greenwich Queen Church The Dawes The Saw Whet Celeste Groove The Narrative Six99 The Garden Series 2 High Point East Pointe McGibbon The Frederick Lakeview DXE Club Plaza on Yonge DUO TEK VuPoint Express 2 Concord Sky 908 St Clair The Georgian Metro Park Linea 252 Church Bristol Place Connectt II Artwalk Rosepark Towns BeauSoleil Westerly II Hillmont at SXSW ClockWork Lawrence Hill Towns XO2 Martha James Leaside Common VOYA II The Pemberton The Fifth at Charisma Verge II Union Village Glenway Urban Towns Montgomery Meadows Castles of Caledon Tanglewood Stella at Southside II Yorkwoods FourMe The Goode LJM Queenston Biblio Lofts Cielo ALiAS The Whitfield Adagio M2M Squared The Wilmot Y9825 The Capitol Vincent Queen Central Nahid Kennedy U.C. Tower II Arte Residences The Brix WestLine CREST Verge EX3 Danny Danforth ALBA Southport in Swansea Gemma The Millhouse VOYA House of Assembly Natasha Residences ELLE 10 Prince Arthur Forest Hill Private Residences Daniels MPV OMG 2 Bayview at The Village Boulevard at The Thornhill 400 King West The Dupont Grand Festival Grand Central Mimico Realm M4 The Landing Joy Station MRKT Crosstown 1 Jarvis Oscar Westerly MODO Début Waterfront Nuvo 8 Wellesley Elevate The Bronte ORO At Edge Beverley Union Square Mirvish and Gehry 8188 Yonge Square One District DunWest Quay House 28 Eastern The Dylan Artform Canopy 199 Church Abeja District Connectt Artistry SQ3 321 Davenport Artsy Boutique Jac Distrikt Trailside 88 Queen Royal Bayview Grand Bell Liberty Market Festival Axess ORO The View Beach The Mackenzie 36 Birch Theo 31 Condominiums SkyTower Brightwater Upper West Side 50 Ann The Clair Residences 55 Mercer 1 Delisle Ave Four Eleven King Untitled Toronto The Thornhill III No 31 8888 Yonge The Forest Hill Stella at Southside LJM Valera II The Borough 65 Broadway 123 Portland The Saint The Branch II Rise at Lakeshore Promenade Park KiWi EX2 Linx The Kings Mill Galleria 11 Yorkville SXSW Bijou on Bloor Ksquare Yonge and Finch Kings Landing III Mobilio Transit City 5 Tricycle Transit City 4 101 Spadina 625 Yonge St Tanu Line 5 South 55C Notting Hill Keystone Kings Landing II CRU Azura Gallery Merge The UNIteD Bldg Y&S Verde 2010 Bathurst Nova Urban Towns 300 Danforth U.C. Tower 31 Gladstone 57 Brock 430 ESSA Rush M City III Line 5 Stockyards Origin Lofts Lakeside Scout East Junction 2475 Eglinton 250 University Ave 543 Richmond 5400 Yonge Kings Landing The Poet King Toronto East 3220 Encore Theatre CG Tower 139 Church The Winslow 55 Charles The Stockton 540 King West 293 The Kingsway Park Terraces WaterWorks The Insignia Saturday Junction House The Well Evermore 831 Glencairn 2500 Yonge Wynford Gardens Artworks Tower Erin Square Vendôme The Keeley M The Garden District M2M Ellie Phoenix Aqualuna Universal City PRIME 50 Scollard DTK The Cardiff Central 9th and Main ONE28 Pavilia UOVO Artists Alley II Maverick Auberge On The Park II Playground Sage X Theory Sugar Wharf Lumina Highlight Elgin East ERA at Yonge IN.DE Express 357 King West Saisons II The Prestige Riverside Square 5 D'or Markham Square 2 Guildwood 4800 Yonge Lakevu Bower Nord West Lakeside Residences Social The Kip District II The Diamond on Yonge M City II One Yonge East 55 Southport Square Nautique Lakefront Amber Valhalla Town Square Kingly Auberge On The Park Kingsway By The River 2 Harris Square Mississauga Square Saisons E2 33 Yorkville The Charles at Church Water Edge Avia Symphony Edge Towers Peter and Adelaide One Forest Hill Eight Forty Perla Towers ZEN King West Bauhaus Oak and Co Museum FLTS Cypress The Roncy Wesley Tower Television City B-Line 609 Avenue Road Indigo 2 Scoop West DuEast The Point Platform Queensway Park Trinity Ravine Towers 7 On The Park SF3 Avenue 151 Yorkville Plaza Midtown Avro Bianca Nobu Residences Artists Alley SuperSonic Canada House Panda Fleur Vita Two Transit City Westwood Gardens Nola Affinity Paradigm East Mirabella Bloor Promenade Islington Terrace The Bluffs YongeParc Wish The Plant Lake & East Lighthouse East Vita on the Lake Time and Space Seasons II Liberty Central II Nord East Sage Prestige The Icona M City I Ivy Via Bloor Mills Square The One Canvas 159 SW St Lawrence Aquabella 8 Cumberland Home Selene EV Royale MAX 75 On The Esplanade Seasons Vivo The Wyatt Joy SweetLife The West AXIS Grande Mirage AYC Park Avenue Place 2 Charisma Halo Residences on Yonge URL Bloorvista at Islington Terrace SIX25BV Rodeo Drive Empire Midtown The Kennedys The Park Club The Vanguard YSL Residences York 875 Queen East Parfait At Atria Sail 88 North Eighty One Wellesley The Rocket Cocoon Cosmos The Bennett on Bayview Fortune at Fort York Arc 330 Richmond Whitehaus Bside Minto Westside The Lanes The Met 158 Front SQ2 Heartwood the Beach Fifth on the Park Sonic The Step 150 Redpath Pier 27 Tower Picnic The High Park River City 3 Danforth Square The Bean The Clover on Yonge Connect Grid Stanley East United On The Danforth 609 Sherbourne St The Jack The Clairington LNX Daniels Waterfront The Bartholomew Tea Garden The Ravine Beacon Park Avenue Place Avani 2 at Metrogate Art Shoppe The Rosedale on Bloor Citylights on Broadway Blue Diamond Aquavista at Bayside Lotus Zigg Teahouse 5959 Yonge Minto Yorkville Park The Selby Riverside Square University Suites The Eglinton VOX The Academy The Yorkdale Bristol Forward 87 Peter Soul Minto Westside Wellesley On The Park 50 at Wellesley Station Alter The Code The Cumberland The Taylor Totem Dundas Square Gardens YC Core Smart House Downtown Erin Mills HOT Gordon Woods Pinnacle Grand Park II PSV 2 at Parkside Village 1 Yorkville SQ at Alexandra Park On the Go Mimico Garrison Point Sage 6 Solstice Eau Du Soleil 2 The Dragon 181 Davenport 1 York Aqualina at Bayside 2221 Yonge 155 Redpath 383 Sorauren The Epicurean HighPark Casa 3 Axiom Eleven Superior The Station The Mark Yonge + Rich The College Quartz TRIO at Atria Beach Hill Residences The Randall Residence FAD King Blue Sage II Harbour Plaza Sixty Colborne The Britt 101 Erskine Canary District Pearl 2 Ruby 159 Wellesley Street Xpression II Xpression I 129 St Clair Crystal at Pinnacle Uptown Noir The Essential FLO The Carnaby Lofts TAO E 109 OZ ALTO Massey Tower CASA 2 Local At Fort York Abacus Lofts SkyCity INDX 501 Yonge Life Fabrik Grand Palace Minto 30 ROE Ten York 88 Scott The Hill Indigo Bay 7777 Weston Road 1331 Yonge Street The Perry Condos The Remington Centre 30 Ordance Street Nero Key West 1Thousand Bay Rise 365 Church Karma Mirage The Brant Park Picasso Alto at Atria OpArt Lofts Flaire Jade Waterfront Cloud 9 133 Hazelton Spectra The Carlaw King Plus Condos The Beverley Hills Monde The Bond Rain 2 Ion Pears Avani at Metrogate Post House IVORY River City 2 The Yorkville Yorkville Plaza U Condo II U Condo I Tableau Studio II Studio I Rain 1 Pace One Bloor Neon Condo MYC Liberty Central King Charlotte Imperial Plaza ICE II ICE I Garrison Fuse Five Madison II Madison I Exhibit Cosmopolitan Bisha Backstage 3018 Yonge EXPO City

Elements of an Offer

When you are ready to take that critical step and commence the process that will lead you to your dream of home ownership, the very first process is the submitting of a legally proper Offer To Purchase, which is also known as an Agreement Of Purchase And Sale form. Within this form will be all of the details pertaining to the specifics of your offer, carefully spelled out in a clear and unequivocal manner. Once you are assured that the information on the form represents the totality of what you are willing to offer, with absolutely no gray areas, you can now date and sign the document.

It is extremely important to keep in mind that this form is a binding legal document, and you cannot violate its terms simply because you've changed your mind or found a better deal. An Offer To Purchase is not a document which is drafted lightly, as lack of adherence to its terms has landed many prospective buyers in court.

The Three Options You May Be Confronted With

Why Buy A Home

At this point, the document is presented to the seller who has three options:

  • Accept the offer and proceed to the transaction.
  • Reject the offer and not give any indication of the reasons why.
  • Reject the offer, but make a counter offer which outlines what the seller is willing to accept.

In the first two options, there is nothing more to do with that particular offer. If it is accepted, you can now begin the process that leads to closing, but if the offer is rejected outright, you may have to consider drafting a new offer but you will have to do so without the benefit of knowing what the seller has in mind. Of course you can also walk away at that stage with no further liability or responsibility.

In the third option, you can either accept the seller's counter offer, or begin the process of negotiations. The negotiations for an offer can be completed in a few hours, or have been known to drag on for weeks, even months. It all depends on how flexible the parties are and how motivated both buyer and seller are to close the deal.

Never Engage In An Offer Without Legal Advice

It is extremely important to engage trusted professional advisors during the negotiation phase, such as a reputable, experienced real estate agent or lawyer, or both. Negotiating an offer can often be a very sensitive matter and something as simple as a phrase in the wrong place can cost you thousands of dollars.

The seven basic elements of an offer must be completely understood and it is imperative that you are firmly convinced that all of these elements have been met to your satisfaction prior to going ahead with a residential real estate transaction.

Price

This is the most critical part of any Offer To Purchase and is the one which usually either smooths or hangs up the negotiation phase. Of course the seller wants as much as possible for their property and the buyer wants to pay as little as they can get away with. That is just part of the way the game is played. However, it is not necessarily the seller or buyer which determines the fair price for the property but the prevailing real estate market at the time. As many sellers have found especially in the last couple of years in Canada, the price a property can fetch can vary as much as 40% from one year to the next.

Deposit

This is not the down payment, but the good will deposit also known as earnest money. This deposit will be held in trust by your real estate agent and will be applied in its entirety towards the eventual down payment. The deposit will also be returned to you in full should the offer be rejected. Many buyers disregard the importance of this deposit and feel that they can just place a couple of hundred dollars of deposit on a half-million dollar property. Although this is not necessarily impossible, it is undesirable from a variety of viewpoints. First of all, this relative pittance telegraphs to the seller that you are not overly serious about your offer, or worse, you lack the liquid financial capital to successfully complete the transaction, thus you are just "fishing" for a deal. The "acceptable" amount varies widely from region to region. In some areas of Canada, $500 is sufficient earnest money to secure a fully detached home, while in other areas, the expectation may call for 2% of the total purchase price or even more. Consult with your realtor as to the prevailing acceptable range of earnest money deposits in your area.

Irrevocable Date

There must be a date in every Offer To Purchase which is the expiry. If the offer is not countered or accepted by that date, it is no longer valid. This date is critical to both buyer and seller. For the buyer it gives a clear indication that there will be an answer one way or another within a predetermined time span, and for the seller, it means that if they are serious about selling the property they need to take steps to ensure that the buyer is mollified.

Terms

The terms contained within the Offer To Purchase is another major sticking point in the negotiation phase as it consists of some elements which are actually outside both the buyers' and the sellers' control. There are a myriad of inclusions and exclusions to consider, plus closing dates and financial details which not only may change through the process of the transaction, but are almost guaranteed to be different than what is originally believed.

Conditions

The conditions of an Offer To Purchase are also some other major reasons why a successful real estate deal will fail to materialize. Unless all of the conditions such as financing, surveys, home inspections and so on are fully satisfied, then the home cannot be considered sold, or in real estate parlance "sold firm."

Inclusions & Exclusions

There are few sections of an Offer To Purchase which provoke so much stress and ill will as the Inclusions and Exclusions, where the definition of what constitutes a fixture which must stay with the home is specified in great detail. Generally anything which is nailed, cemented, glued, screwed, or bolted to the property is considered a fixture it behooves the wise buyer to take absolutely nothing for granted. Although it is rather obvious that a standalone kitchen refrigerator or laundry washing machine is a free standing appliance thus not necessarily an integral part of the home, sellers may consider built-in dishwashers, trash compactors, and even kitchen cabinets and medicine cabinets as elements to be stripped prior to turning over the keys. It pays dividends to take time to go through each and every room in the house and list absolutely everything that could conceivably be removed as an Inclusion or an Exclusion, according to your preferences.

Closing Date

This is the expected date that all of the various elements which constitute the real estate transaction will be finalized, all adjustments will have been taken into consideration and the balance of the funds for the property have been deposited to the seller, and the title has been transferred to the proud new owner. This date in most cases is also the date whereby the current occupants must have moved out of the property and the new owners can move in. It is important to realize that closing dates can slip due to many reasons, mostly centering around financing and the housing chain. A lender may not be willing or able to meet the closing date for various reasons, and the previous house of the buyer may not have yet sold, or the deal on the new house of the seller may not have yet closed. When buyers and sellers become extremely inflexible and unwilling to consider slippage of closing dates, it invariably leads to trouble and some times to court: that is just another reason why you should never undertake a real estate transaction without experienced professional legal counsel.


Header Image Request More Information

Please Fill Out the Form to Get Extra Information.
First Name: *
Last Name: *
Email: *
Phone: *
Subscribed Member Giving Consent to Receive Email or Message Correspondence.
*Required Field
 
   Please enter Security Code into the box below.
 
This email has been delivered through Best For Agents email servers.
Submitted date:    
Type:   
Visitor IP Address:   
Posted from page:  
Form Name:  
Domain:  
 

 

go to home go to searchgo to tips go to buying a home

Become A Member
Name:
 
Email:
Subscribe me:
Security Code:
Canadian Mortgages