There was a period when conditional offers were almost always rejected by sellers.
Times are changing, and buyers are now better positioned to include conditions in any offer.
What kind of conditions should you include? Here’s what we recommend.
Hi there folks, about a year or so ago if you were looking to put in an offer, on a property as a buyer, and you had conditions in that offer, you were pretty much guaranteed that the seller would accept another offer, that would be firm, without any conditions, but those days are long gone now.
As a buyer, there are few conditions that you should be thinking of putting in an offer. To start with, the condition of financing and inspection. With the financing condition the Bank is going to make sure that you qualify for the home you are buying and also that the home you are buying appraises for the value that you are paying for it. With the inspection condition, you want to make sure the home you are buying is of sound quality, that is there are no major issues with the home. If you’re looking to buy a condo, like a condo townhouse or a condo apartment, your lawyer is going to make sure the status certificate for that condominium is in good order, that means there are no special assessments, or there is no increase in your condo fee, and there is enough reserve fund in the condominium corporation, so that condition is highly imperative for a condo.
If you are looking to buy a property out in the country, there are few other things that you have to keep in mind. You, want to make sure the water is potable, that is the drinking water is of good quality and it’s not contaminated. Testing of the well, you want to make sure there is enough water supply, that should be another condition in the offer. And also the last thing you want to make sure of is that the septic is in good working order, so that should be the last condition in your offer for a country property.
If you have any other questions, give us a call and we will be happy to answer them for you. You take care.