Understanding an offer beyond the price

The price is usually the first number people look at, and it is important. But an offer is a set of terms that work together. Two offers at a similar price can be quite different once the deposit, conditions, and dates are considered.

Reading each part in turn makes it easier to compare offers and to see which questions need advice before anyone responds.

Consider how the offered price compares with the market information reviewed before listing — recent comparable sales and competing homes — and with the objectives the owners discussed. A price that looks strong can come with terms that make it less certain; a slightly lower one may come with fewer conditions or better-fitting dates.

The deposit is money the buyer pays toward the purchase price, usually held in trust. The contract states the amount and when it is due.

A deposit shows commitment, but it is not a guarantee that the buyer will complete. What happens to a deposit if a sale does not complete depends on the contract and the circumstances — a question for your lawyer or notary.

Many offers include conditions that must be satisfied or removed before the sale becomes firm. Common examples include:

• Financing — the buyer arranging a mortgage
• Inspection — the buyer reviewing a home inspection
• Document review — for example, strata minutes and bylaws, or a title search
• Sale of the buyer’s own home

The exact wording, the deadline for each condition, and what is required to remove it all matter. A short, clearly worded condition reads differently from a broad or open-ended one.

Completion is the date ownership transfers and the purchase money is paid. Possession is the date the buyer can move in. They are separate dates in the contract.

Check how both dates fit the plans of the people living in the home — a rental or purchase start date, a school term, or the time needed to move belongings. See coordinating a sale with your next home.

Offers usually list items that stay with the home, such as appliances, window coverings, or light fixtures, and items that do not. Anything unclear — a wall-mounted television, a shed, a garage fridge — is worth confirming in writing so there are no surprises at possession.

Beyond each term, ask how the offer works overall: whether its dates and conditions are manageable, what access or preparation it would require during the condition period, and which decisions would need to be made, and by when. Where more than one person owns the home, any response follows the instruction arrangements agreed before listing.

• What price is offered?
• When is the deposit due?
• Which conditions are included?
• What are the relevant deadlines?
• Do the completion and possession dates work?
• Are included and excluded items clear?
• Which questions need advice before responding?

A real estate professional can explain the terms and how they compare with the market. Your lawyer or notary advises on the legal meaning of the contract, and your family lawyer on anything affecting arrangements between owners. See who helps with which decisions, the sale timeline, and the glossary.