What are subjects?
Subjects are the conditions you place on your offer to inform the Seller of all the things you would like to accomplish before you buy their property.
Essentially the Buyer is telling the Seller, they are going to buy the property but it is subject to the Buyer doing these particular things first.
Some very common subjects are:
Subject to a building Inspection
Subject to the Title Search
Subject to the PCDS
Another very common subject, and one I would be very hesitant to act with out is the Subject to Financing. This Subject allows the Buyer a few days to ensure that they can get their money together, get an appraiser through the property, and make sure the lender approves and will lend the money.
Usually subjects are removed within 5-7 days of an accpeted offer. Longer then that ties up the property for a long time.
Once subjects are removed, a deposit is taken, and the deal becomes firm and binding. It is a good idea to know on all levels, once the deposit is taken and the subjects removed, if you want to buy this property or not.
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