Making an offer

Seven steps from comp review to accepted offer

Typical timeline for a GTA resale offer. Your agent manages deadlines; you approve every term.

1. 1

   Confirm your numbers and strategy

   1–3 days before offer

   Refresh sold comparables with your agent — especially any new closes on the same street. Align your offer range with your pre-approval comfort zone, not just your maximum approval.

   Decide whether you are the only buyer or expecting multiple offers. Strategy changes: in a bidding war, price is one lever among deposit, conditions, closing flexibility, and inclusions.

   • Target, stretch, and walk-away price agreed in writing with your agent
   • Pre-approval letter current — share updated letter if your broker issued a new one
   • Lawyer shortlisted — you need one before you waive conditions
   • Broker on standby for financing condition timeline
2. 2

   Structure the core terms

   Offer drafting

   The APS names buyer and seller, property address, purchase price, deposit amount, and closing date. In the GTA, deposits are often 5% of the purchase price, payable within 24 hours of acceptance unless otherwise written — usually by certified cheque or bank draft to the listing brokerage's trust account.

   Closing date must work for your lender, lease, movers, and job start. Typical range is 30–90 days from acceptance. Irrevocable period sets how long the seller has to accept, reject, or counter — often a few hours on offer night.

   • Purchase price — the headline number; must fit appraisal and financing
   • Deposit — larger deposits signal commitment; still held in trust, not paid to seller directly
   • Closing date — flexibility can beat a slightly higher price from another buyer
   • Irrevocable until — time and date the offer expires if not responded to
   • Chattels and fixtures — list appliances, window coverings, and items that must stay
3. 3

   Choose your conditions carefully

   Offer drafting

   Conditions protect you while you verify the home and your financing. Until waived or fulfilled, you can exit under the condition without losing your deposit — if the APS is written correctly. Common conditions: financing, home inspection, status certificate (condos), and sale of buyer's property.

   Waiving conditions to win a bidding war is a real strategy — and a real risk. A firm offer with no inspection means you accept the home as-is. A firm offer with no financing condition means you are committed even if the lender declines. Your agent must explain the downside before you sign.

   • Financing — typically 5–10 business days; broker delivers firm commitment before you waive
   • Inspection — book immediately after acceptance; use findings to negotiate or walk away
   • Status certificate — condos; lawyer reviews fees, reserve fund, rules, and lawsuits
   • Sale of property — if you must sell your current home first; weaker in multiple offers
4. 4

   Submit the offer through your agent

   Offer day

   Your agent registers the offer with the listing agent and confirms receipt. In multiple-offer situations, all offers are usually presented on a set date and time. You may not know how many competing offers exist — your agent advises on positioning without guaranteeing an outcome.

   Do not contact the listing agent directly. All communication goes through your buyer's agent so your representation and negotiation strategy stay intact.

   • Signed APS and schedule A/B schedules complete before submission
   • Deposit cheque or proof of funds ready if required with the offer
   • Pre-approval letter attached if the listing agent requests it
   • Your phone stays on — counters can arrive with short irrevocable windows
5. 5

   Negotiate counters and multiple offers

   Same day to 48 hours

   The seller can accept, reject, or counter. A counter changes the original offer — you can accept, reject, or counter back. Keep counters focused: price, closing date, or a single condition change. Long back-and-forth chains frustrate sellers.

   In multiple offers, you may get one shot to improve. Your agent may recommend a best and final price. Stick to the ceiling you set before offer night — winning at any cost is how buyers regret purchases.

   • Compare net cost — price plus closing date, repairs, and included items
   • Bullying clauses and unusual terms deserve lawyer review before you sign
   • Escalation clauses are rare in Ontario resale — understand any non-standard clause fully
   • If you lose, ask your agent why — comp data helps for the next property
6. 6

   Acceptance and deposit delivery

   Within 24 hours of acceptance typical

   Once both parties sign, you have a deal — conditional or firm depending on what you wrote. Deliver the deposit to the listing brokerage's trust account within the timeframe in the APS. The deposit is not the same as your down payment, though it forms part of it at closing.

   Notify your broker and lawyer immediately. Book the home inspection and order the status certificate (condos) the same day if conditions apply.

   • Get a copy of the fully signed APS — your lawyer needs it within the conditional period
   • Calendar every condition deadline — missing a waiver date can void your protection or breach the contract
   • Do not make large purchases or change jobs until you close
   • Your agent coordinates next steps; your lawyer reviews the agreement
7. 7

   Conditional period — do not waive early

   5–10 business days typical

   Use the conditional period fully. Attend the inspection. Wait for firm financing commitment, not verbal OK from your broker. Have your lawyer review the status certificate before you waive on a condo.

   Only waive when you accept the risk. Once all conditions are waived, the deal is firm — backing out without legal grounds can mean losing your deposit and facing a lawsuit.

   • Inspection findings — negotiate repairs, credit, or price adjustment, or exit under the condition
   • Financing — appraisal gap may require more down payment; talk to broker before waiving
   • Lawyer flags unusual clauses before you go firm
   • Next guide: due diligence and inspections in detail