Buyers – how to negotiate purchase contract
Thursday, March 3rd, 2016There is a bit more to negotiating the purchase of a home than just the actual sale price. When placing an offer on a property as a buyer, we present an on offer to purchase on a contract. The main items that are listed in the contract and may be negotiated include:
1) Non – attached goods: Quite often we want items with the home that are not part of the property itself, so we need to list them in the contract – these items may include fridge, stove, dishwasher, window coverings, garage openers, etc….
2) Deposit: To make a legal contract there must be some kind of financial compensation that must accompany the offer. This amount will vary depending on the transaction.
3) Purchase price: Of course the most important for most buyers/sellers, this is the item we spend the most time negotiating.
4) Possession date: The exact date when the property is turned over to the new owner
5) Conditions and condition dates: Again these items will vary, as well as the time needed to fulfill them, but the usual conditions include property inspection, financing, and condo document review if necessary.
This list is definitely not inclusive, as many items can be added and deleted from the original purchase contract. However, these are the items that will have to be considered with most purchases.