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We will explain to you the process of
receiving and reviewing offers. Do not be surprised
if you are presented with offers which differ dramatically
from your listed asking price: the listing agent is
under an obligation to bring all written offers
to you for your consideration.
All offers to purchase your property will
contain a number of important details, which you must
consider.
The offer should include:
- Date of the offer
- Full legal names and addresses of both the buyer
and the seller
- Full legal description of the property
- Amount of the deposit
- Sale price
- Amount of the cash down payment and details as
to how the remainder of the purchase price will
be financed
- Date for completion of the sale
- Completion, adjustment and possession dates of the
property
- A list of the conditions which must be fulfilled
before the sale can take place (normally called subject
clauses or conditions precedent)
- A list of items not attached to the building (normally
called chattels) but which are to be included
in the sale price; for example, drapes, refrigerator,
stove, etc
- Date and time at which the offer expires
- The signature of the buyer and his or her occupation
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What are your options?
When you receive one or more offers to
purchase your home, it is in your own best interest
to give considerable time and attention to viewing each
offer carefully. We will as your listing agent, gladly
assist you in understanding the terms and conditions
contained in the offer, and will provide you with any
advise you request, but ultimately the decision is yours.
We can prepare a revised estimate
of the net cash proceeds you will potentially receive
upon completion of the sale, based on the sale price
and financing arrangements stated in the offer in order
to help you make your decision.
You have three options:
- Accept an offer EXACTLY as it stands
If you decide that you would like
to accept an offer, together we would make sure
you know the precise meaning of each term in the
written offer BEFORE you sign the document.
Once you, the seller, sign a Contract
of Purchase and Sale agreeing to its terms, and
your acceptance has been conveyed to the buyer,
it becomes a legally binding contract.
Legally binding means both
you and the buyer will be bound by the terms of
the contract and must perform your respective obligations
as stated. Your performance can be enforced in a
court of law.
If you are uncertain about any of
the clauses contained in the offer, you may wish
to consult a lawyer before signing the contract;
however, keep the expiry date of the offer in mind
if you decide to postpone acceptance!
- Make a counter-offer
If you change anything at all
in the original offer, you are considered to have
rejected that offer and to be making a new offer
from you to the buyer. This new offer is usually
referred to as a "counter-offer."
The risk in making a counter-offer
is that if the buyer has changed his or her mind
and rejects the counter-offer, you do not have the
option to return to the original offer and accept
it.
But, the buyer may decide to make
another counter-offer back to you and the process
of counter-offers could continue until an agreement
is reached.
- Reject the offer
You are under no obligation to accept
any offer or to make a counter-offer. If, however,
you reject an offer which exactly meets all the
terms you agreed to in the Listing Contract which
you signed with your listing agent, you could be/are
legally obligated to pay the commission.
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Offers to Purchase
Once an interested buyer has been found,
a written offer to purchase your property will be prepared.
This offer is usually recorded on a standard form entitled: Contract of Purchase and Sale.
info@propertiesinvictoria.com
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