RSS

The importance of reading and understanding an offer

When you make or receive an offer to buy a property, it's important that you read and understand every clause. It is especially important to understand any conditions or any changes that are made to the standard offer.

 

An offer may contain several types of conditions. The most common are "conditional upon arranging financing" and "conditional upon passing a professional home inspection." However, there may be other conditions as well.

 

You should be aware of – and fully understand – all of them.

 

In addition, the wording of an offer may change during the back and forth negotiations that often happen. Aside from changes to the price, other clauses may be added, removed or reworded as well.

 

A good agent will always ask you to initial changes. This is done primarily to ensure you know and approve of what you're signing.

 

A recent newspaper article tells the story of a buyer-seller legal dispute that resulted in a six-figure judgement against the seller. This was due, in part, to a lack of understanding of one of the clauses in the agreement.

 

You don't want that to happen to you. Take the time to carefully review and understand an offer.

 

Want to make sure everything goes smoothly with your next move? Call today.

Comments:

No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.