If you're thinking of buying a property, we will help you find one.

Making an Offer to Purchase

When you find the property that's right for you, your next step is to make an offer to purchase the property from the current owner. The owner can accept your offer, make changes to the offer and present you with a counter-offer, or reject the offer.

The Offer to Purchase

The Offer to Purchase is a legally binding agreement between you and the person selling the property. It sets out:

• Your name.
• The seller's name.
• The address or legal description of the property.
• The price you are prepared to pay for the property.
• The items you expect to be included in the purchase price.
• The amount of your cash deposit.
• Your financing arrangements.
• The closing date.
• Specific terms or conditions that must be met as part of the purchase.
• A time limit for meeting these conditions.

Remember, the Offer To Purchase becomes a legally binding agreement the moment it is accepted. If you decide to cancel an offer that has already been accepted, you could lose your deposit and the person selling the property could sue you for damages. If the seller does not accept your offer, your deposit will be returned.

When your offer is accepted

Your offer has been accepted. Good. You're now in the home stretch - finalizing the details of your financing and closing the purchase of your property.

Closing the purchase

Closing day is the day you become the official owner of your property. However, the closing process usually takes a few days.

Typically, you visit your lawyer's office to review and sign documents relating to the property you are buying, the ownership of the property and the conditions of the purchase. Your lawyer will also ask you to bring a certified or cashiers cheque to cover the closing costs and any other outstanding costs.

Once your documents for the property are officially recorded, you become the official owner of the property.

Congratulations! You've just bought a property!