When an Offer comes In
Discuss with your agent your minimum conditions, acceptable closing dates, and the lowest price you’ll accept from a potential buyer. Let your agent know of any additional items that you are willing to offer as leveraging power. With this information your agent can work with the potential buyers’s agent to create an offer that will be acceptable to you.
The Seller’s Viewpoint
Buyers interested in your home will submit an offer to your agent through their agent. Your agent will review the offer with you to ensure that you understand all the conditions. Before you accept or sign back the offer, you may wish to clarify the offer with your agent and if you have any further concerns you can have the agreement reviewed by a lawyer.
Your offer will contain:
- The names of the potential purchaser
- Your name
- A description of the property
- The conditions they wish to attach to the purchase
- Closing date
- Home inspection
- An irrevocable date
- Possible mortgage details
Remember that the offer you receive will also include funds that you are to pay for such as your lawyer, real estate agent commission, the balance of your mortgage and outstanding taxes. Some utilities and taxes will have been prepaid, meaning you’ll have some additional funds.
Here’s what your lawyer will do to assist you in making the sale of you home hassle-free:
- Review the purchase agreement
- Prepare transfer of title documents and inform the purchaser’s lawyer
- Review mortgage transactions
- Close the transaction
- Pay the appropriate commissions
- Pay outstanding claims against the property
- Arrange for the mortgage to be paid (if necessary)
- Forward the balance of the money from the sale to you
- A complete statement reporting all transactions
Evaluating the Offer
Decide on the lowest acceptable price before you receive the first offer. When you receive the offer you will be able to take into consideration the price, as well as the other terms that the purchaser is requesting. Carefully look over all terms and conditions with your agent to ensure that the offer is understood. Any questions about the proposed offer can be clarified through your agent.
Accepting the Offer
Once you’re satisfied with the terms and conditions of the offer, you can accept it. The purchaser will pay a deposit to solidify the agreement. The deposit will be held and when the deal is closed it will be applied to the commission owed.