In negotiating the purchase of your new home, the initial step will be to instruct your broker to make an offer to purchase. This offer should be in writing and accompanied by a check to show "good faith."
The offer should include:
- The amount you are willing to pay
- Closing and occupancy dates
- Any contingencies, including obtaining of mortgage
- Any personal property specifically included or excluded
If the offer is not acceptable, further negotiations are necessary to reach terms agreeable to both buyer and seller.
When the buyer and seller agree on terms:
- The buyer applies for financing
- Seller provides abstract or certificate or Torrens title
The contract is reviewed by the buyer and signed by both parties as soon as possible. The closing company proceeds with arrangements for title search and other preparations necessary for the closing, or passing of title.
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