Making an Offer to Purchase and closing the deal
Before officially becoming a new homeowner, you’ll have to navigate some of the legalities of buying a home, including negotiating, making an offer and sealing the transaction with a notary. Use the information below to help you prepare to finalize the purchase of your property.
Negotiating with the seller
Negotiation with the home seller allows both parties to find common ground. Negotiation is successful when both parties are satisfied.
Here is some practical advice to help you negotiate a win-win situation:
- Keep an open mind and maintain a respectful attitude
- Prepare yourself by making your budget and familiarizing yourself with the local market
- Keep in mind the maximum you are prepared to offer
- Discuss the home seller’s expectations
- Aim for a win-win transaction
To help determine an appropriate offer amount, the buyer can research how much similar properties in the area have sold for. Read our page on How to evaluate property value for more information.
Negotiate in person, by telephone or by email?
Many buyers feel that negotiating directly with the home seller and completing the offer to purchase together is a great way to proceed. Dealing directly with the homeowner without an intermediary presents an interesting advantage: you are able to discuss and agree on the terms of the sale face-to-face with the homeowner and complete the offer to purchase together. This helps avoid seemingly interminable rounds of back-and-forth negotiations.
A buyer can also decide to submit a complete offer of purchase to the homeowner and wait for his or her answer. In any case, it is important to put your offer on paper.
What needs to be negotiated when purchasing a property?
The main points to negotiate with the home seller are the sale price and the sale conditions.
Among the most common conditions to be agreed upon are a passing home inspection, buyer financing, the sale of the buyer’s property, inclusions, exclusions, and the possession date.