Offer Basics

Lisa Marie or Linda will help you evaluate and negotiate offers from potential buyers in order to protect your legal interests, and to ensure you are optimizing the price and conditions surrounding the sale of your home.

Offer Details

The offer you receive will include: the legal name of the potential buyer(s), the legal name of the seller(s), the legal civic address of the property, the price the buyer(s) is offering to pay, desired inclusions (items in or around the home that the buyers wish to have included in the sale, such as appliances, lighting fixtures or window coverings), amount of the buyer’s deposit, desired dates the potential buyer would like to take legal and physical possession of the home, legal “subjects” or “conditions” upon which the contract becomes final (such as satisfactory home inspection report or financing approval), and the date the offer expires.

Potential Responses

You can respond to an offer in one of three ways:

1. Accept as is: Your signature finalizes the contract and it becomes a binding legal contract.

2. Counter offer: You may make changes to the offer, such as adjustments to the price, closing date or conditions. When you do so, the prospective buyer may accept, reject or make another counter offer in response. Only when one of the parties signs an unconditional acceptance of the other party’s offer does it become legally binding.

3. Rejection of the offer: You may simply reject the offer and the sale will not go through.

Offer Withdrawal

The buyer can withdraw an offer until the moment you accept in writing. If you are evaluating an attractive offer, it’s important to note that timeliness is important.

Offer Acceptance

Once both parties come to an agreement the offer is considered “accepted” and they will have a set period of time in which to satisfy the legal conditions (“subjects”) agreed to in the contract, such as completing a satisfactory home inspection report or securing financing. Only after all subjects/conditions are removed do you have a legally binding document.

Firm Offer

An offer is considered firm once all subjects have been removed by both parties. The typical subject removal period is one week to 10 days, or as agreed to in the offer.

 

 

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