These might include home inspection, mortgage financing or subject to the sale of the purchaser's property.
CLOSING OR POSSESSION DATE
Possession date is the day the new owners move in. Closing date is the day the title is legally transferred, which is anywhere from 1-6 weeks after possession.
If buying, a rule of thumb is to estimate 2% of the purchase price to cover closing costs. This is allowed to land transfer tax, lawyer fees, disbursements, etc. This is a high estimate and the remainder is returned to you when the land title transfers
If selling, this would include the mortgage closing fees, lawyer fees, disbursements.
If buying, the deposit is given with your offer and is only cashed upon acceptance. It is paid to the listing brokerage and will be cashed within 24 hours or the next business day. Your deposit is protected by your conditions and if your offer doesn’t go through, you will be refunded the full amount within 10 business days. Once you finalize your offer and remove all conditions, the deposit is non-refundable and is part of your down payment (not extra). It is held in trust at the listing realtors brokerage until possession.
If selling, the deposit shows the buyers good faith and will be applied against the purchase price of the home when the sale closes.
A minimum of 5% down is required to purchase a home. Talking with your mortgage specialist about your specific requirements is recommended.
INCLUSIONS & EXCLUSIONS
These might include appliances & certain fixtures or decorative items such as window coverings or mirrors.
Depending on the market, the price offered might differ from the asking price.
Includes the total price the buyer is offering as well as financing details.