Buying Process

At Rennie & Associates Realty we strive to make the buying process as enjoyable and stress-free as possible, from our first consultation with you, to negotiating the purchase on your behalf.

We have the expertise to handle all of the details while securing you the best home available, from initial search, to viewing homes, realistic overview of the marketplace, making an offer and closing the deal.

4 Making an Offer

Congratulations, you’ve found a home you want. Now you have to make an offer! This can be a high pressure situation, but we are here to help. We’ll act as your representative and help make the process as efficient, informed and stress-free as possible. We’ll explain how to make an offer, how to declare clauses or subjects, handle multiple offers, accept a counter-offer and/or withdraw an offer.

How to make an offer

If you have found the home you would like to purchase, you need to present your vendor with an Offer to Purchase or a Contract of Purchase and Sale. Your home is one of the biggest investments you will make so it is wise to work closely with your Rennie Sales Associate and a lawyer/notary in preparing your offer.

Tip: Remember, the Offer to Purchase or Contract of Purchase and Sale is a legal document and must be carefully considered and prepared.

What are subjects?

Subjects are conditional terms included in the offer which must be satisfied before the sales contract will become final. Your Rennie Sales Associate can explain these details and potential ramifications to you thoroughly.

The sale of a home is often subject to the following conditions: satisfactory home inspection, property appraisal and approval of your mortgage financing.

As the buyer, it is common to have subjects related to your offer, but when there is competition on a listing, too many subjects can become a liability to a successful offer.

Responses to your offer

Expect a response to your offer in one of three ways:

Multiple offers
When supply of homes is limited (a strong market) and the demand from buyers is strong, sellers may receive multiple offers, as buyers “line-up” to buy a particular home. Multiple offers tend to push home prices up and create a high-stress environment for the buyer. Your Rennie Sales Associate can assist you in creating a strategy to handle the complex proposition of competing within multiple offers.

Accepting an Offer
Whenever either party makes a change to the terms of an Offer to Purchase, the other side is free to accept or reject the offer, or counter again. The document only becomes a binding contract when one party signs an unconditional acceptance of the other side’s proposal.

Subject Removal
In order for a purchase/sale to go through, you must remove your conditions on the contract before the specified date. During this time, your Rennie Sales Associate will help coordinate the appointments for you. The subject removal period is typically from one week to 10 days.

Withdrawing an Offer
You can withdraw an offer right up until the moment before it is accepted.

Firm Offer
An offer is considered firm when all subjects have been removed by the buyer. The next important step is called completion. For more details on the completion process, refer to our Completion Guide for Buyers.