When you know your price range, put together a list of your other needs and wants.

For example:

• Do you have to be close to schools, public transportation, or shops?
• How many bedrooms and bathrooms do you need?
• What style of property do you want (e.g. 1950's, or new)?
• Do you enjoy or hate gardening?
• Do you need a yard for pets?
• Do you need medical facilities in the immediate area?
• Do you want a workshop area?
• Do you want a garage?

Realtors have access to a wide range of available properties and can advise you of the current sale prices of comparable houses. They hear about new listings and price reductions before they get listed or advertised. Realtors will arrange appointments for you to view homes and find out for you what items are included in the sale price.

Once you have selected that 'special property' you wish to purchase, the Realtor will help you negotiate with the vendor.

Your offer (purchase agreement) should include:

• a description of the property - civic address and legal description
• the price you are offering to pay
• the amount of your initial deposit, and when it is to be paid. The deposit is part of your downpayment and is to indicate your 'good faith' when signing the contract.
• the date you wish to pay for the property (the 'completion date' or 'closing date')
• the date you wish to move into it (the 'possession date')
• the date the buyer assumes responsibility for property taxes, rates, utilities etc... (the 'adjustment date')
• what your offer includes in the price (e.g. appliances)
• various 'subjects' or conditions to your offer, and the dates by which they are to be removed - for example:
  • 'subject to the purchaser obtaining a mortgage in the amount of $..... by...(date)'
  • 'subject to the purchaser obtaining a building inspection by...(date)'
  • 'subject to the sale of your present residence by...(date)'
  • 'subject to your lawyer's approval by...(date)'
• the time limit your offer is open to acceptance

The vendor might choose to accept your offer as is, or the vendor might make a counter offer on one or more points. It is also possible that the vendor may decline your offer completely.

If the vendor counters your offer (e.g. the vendor wants a higher price for the property), a time limit will be imposed on you. At this point you can accept the changes to the contract or walk away from negotiations. An experienced and 'cool-headed' Realtor is invaluable at this stage as emotions are often running high.

Sometimes vendors may add their conditions to a sale - such as 'subject to confirmation the purchaser can complete the purchase of...(property) by...(date)'.

Once both purchaser and vendor agree to all terms and conditions and the Contract of Purchase and Sale has been signed, dated, and witnessed, you have an accepted offer and are in a binding contract, subject only to the conditions being satisfied.

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