An Offer to Purchase has legal implications. Therefore, YOU MUST UNDERSTAND the whole contract. A GREAT REAL ESTATE AGENT knows the different clauses of the contract and will add some other clauses to make sure you are well protected.

Price: Depending on market conditions, the price the Buyer offers might be different than the price you are asking.

Deposit: The deposit shows the Buyer's "GOOD FAITH". It can vary from a small amount such as $500. It can also be over $10,000, depending on the price of the house, and the terms and conditions of the offer. The deposit is not the down payment. It will be cashed and placed in the Listing Brokerages Trust Account until closing.

Terms: The terms stipulates the total price to be paid, the financial details and other terms relevant to the specifics of an agent.

Conditions: Some clauses may be inserted in the body of the Offer to specify certain conditions of the Agreement. For example: "Conditional upon financing, or conditional to a building inspection"

Closing and Possession Date: In Ontario, the closing or possession date is the day the title will be transferred legally to the Buyer and the funds will be exchanged. If you are selling property in another province or state you may arrange for different closing dates on the properties involved as it may take a few days to transfer funds to Ontario.

Inclusions and Exclusions: These might include appliances, certain fixtures, or decorative items, window coverings or mirrors.