search
RECO Logo
hamburger icon
search
Consumers
Buyer journey Seller journey Resources RECO Information Guide Things you need to know Make sure your real estate agent is registered Information for buyers Information for sellers Your deposit is protected
Agents and Brokerages
TRESA Explained RECO Bulletins RECO tool for sharing RECO Information Guide and forms Becoming a real estate agent Becoming a real estate broker Info for real estate agents Info for brokerages Insurance Fee schedule Labour mobility
Learners
About real estate education in Ontario Education requirements Becoming a real estate agent Becoming a real estate broker Post-registration education for agents Brokerage staff compliance training Continuing education (CE) Updates More information
Enforcement
About RECO’s complaints process Submitting a complaint After submitting a complaint If you are the subject of a complaint Inquiring about the number of offers on a property Enforcement activities
News
Events
iPro
Information and latest updates on iPro Submit a Claim Home buyers and sellers FAQ Agent and brokerage FAQ
About
What we do Performance measures Governance Our team Advisory councils
Agent/Brokerage Search MyWeb Login Submit a Complaint RECO Information Guide
Home Consumers Buyer journey Making an offer

Once you have found a home you are interested in, your agent will help you prepare a written offer to purchase.

You can expect your agent to guide you through the contract line by line, ensuring that it accurately reflects your intentions, protects your interests, and that you fully understand the terms before signing.

Your offer will include important terms and conditions, such as securing financing approval, completing a home inspection, and the number of visits you are entitled to before closing. This should include a final walk-through of the property before you take possession. Remember that many aspects of an offer are negotiable, such as closing date, price, and other conditions such as completing agreed upon repairs.

Keep in mind, once you and the seller sign the offer, it becomes a legally binding contract. This means that both parties must follow through on their commitments as stated in the contract.

Your real estate agent may recommend that your offer to purchase includes conditions. The most common buyer conditions relate to securing financing and a satisfactory home inspection.

If you are buying a property with a well, septic system, or wood-burning appliances, there might be conditions related to specific inspections. If you are buying a condominium, the offer would typically include a condition relating to review of the condominium documents.

Your real estate agent can identify the conditions that you should include in your offer. There are risks associated with submitting an offer without conditions that are designed to protect you.

When you purchase a home, it’s often recommended that you have a home inspection done. This is one of the most common conditions in an offer to purchase a property. 

When real estate markets are extremely active and you really want a particular home, you might be tempted not to include this condition in an offer. There are risks, including potential costs associated with not having a home inspection done. Your real estate agent can help you make an informed choice.  

When hiring a home inspector, consider asking:

  • May I see a copy of the inspection report you use?
  • Do you have experience inspecting the type of home that I’m considering?
  • Do you have insurance?
  • May I see accreditation that shows what kind of training and experience you have?
  • Can you provide references?

Many home inspection companies encourage you to attend the inspection and ask the inspector questions during the process and about the results of the inspection.

Depending on market conditions, there might be more than one offer at the same time. This is sometimes referred to as a “bidding war.”

As a buyer, this can be a very stressful situation. The seller has control over what happens next -- they may accept an offer, reject all offers, or send some offers back for an opportunity for improvement, however there is no guarantee that you will receive a second chance.

Your real estate agent can help guide you through the process, providing advice and strategies. Your agent is looking after your interests and knows what you can afford.

Will you know how many offers there are?

Yes. The seller’s agent must communicate the number of offers the seller has received.

Will you know the details of the other offers?

Maybe. The seller decides what information, if any, will be shared. If information is shared, it will be shared with every buyer who submitted an offer. If the seller is sharing offer information, your real estate agent can help you understand the process and how to respond.

A seller might provide written instructions to their agent not to review or consider any offers until a specific date and time. This is a sales strategy intended to generate competing offers and help the seller get a better price for their property. 

In response, a buyer might submit a “pre-emptive” offer – an offer intended to disrupt the seller’s delayed offer process. This type of offer is also referred to as a “bully offer”. If another buyer submits a pre-emptive offer, the seller’s agent will notify all interested buyers that the seller is reviewing and considering offers.

Your real estate agent can help you navigate a delayed offer process, understand the pros and cons of pre-emptive offers, help you decide on a strategy that’s right for you.

A deposit is the sum of money that you pay upfront, after the seller has accepted your offer.

Speak to your agent about the deposit required for your property, including the amount, payment schedule, and any conditions that might apply.

Learn more:
Consumer deposit insurance
Consumer deposit insurance FAQ