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The Home Selling Process Steps - How to Deal with Offers
Dealing with Offers
- When an agent prepares an offer on your home they advise me of this fact.
I will then tell you we have an offer and make an appointment to present
it to you at a convenient time and place. Often we fax offers back and
forth to save time.
- Sometimes both myself (the listing agent) and agent representing the buyer
meet with you to present the offer. We would read through the offer,
I would explain the terms and conditions to you. You can ask for clarification
of any questions of concern to you.
- You can request that the selling agent leave the room so you we can discuss
the offer confidentially and go over all of the terms and price.
- I will thoroughly explain any clauses and conditions and advise you what
is normal wording and what is unusual or items that may be of concern.
- Offers are on standard forms provided by our local real estate board (either
TREB or OREA standard forms are used) with many standard clauses to satisfy
- Besides identifying the parties and properties, the offer lists all the
items the purchaser wants included in the sale and any fixtures to be excluded.
Read some Negotiating Guidelines
to help you.
- There is an irrevocable date and if you don't accept the offer by that time
the purchaser may revoke it.
- You may either accept the offer as is, reject it, or make changes and sign
it back to the purchaser to see if they are willing to accept your changes.
If you make changes to it, this means you have rejected the original
offer and they are no longer bound by their original offer. It
is the buyers option to either accept your counter-offer with the changes,
reject it or come back with another counter-offer. This process continues
until either you can reach agreement or the negotiations terminate.
- The purchaser submits a deposit with the offer which is turned over to the
listing broker once the offer is accepted. The deposit is held in our
trust account to be applied to the purchase price on the closing date.
The total commission is usually deducted from this deposit on the closing
date and if there is a deficiency your lawyer is instructed to pay the balance
of the commission owing from the proceeds of the sale.
- Once agreement is reached and any conditions are waived, the documents are
handed over to your lawyer who prepares the transfer papers, deals with any
adjustments, and meets with the purchaser's lawyer on the closing date to
exchange the keys for the payment.
- See the complete selling process here.
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