HOW TO REVIEW AN OFFER

When it comes time to review an offer, Jim & Iris can provide current market information and will assist you in the consideration of all Offers made on your property.

Jim & Iris will be present at all Offer presentations made to you by the Buyer's representative. Sometimes there may be more than one Offer on a property coming in at the same time. Jim & Iris can guide you through this process.

The Offer, known as an Agreement of Purchase and Sale, is a legal document which specifies the terms and conditions of the Buyer's offer to purchase your property.

The Offer can be Firm or Conditional.

A firm Offer is usually preferable to you, the Seller, because it means that the Buyer is prepared to purchase the property without any conditions. If you accept the Offer, your property is considered SOLD.

A conditional Offer means that the Buyer has placed one or more conditions on the purchase, such as "subject to home inspection" or "subject to sale of Buyer's existing home or cottage". The home is not sold until all the conditions have been met.

ACCEPTANCE OF THE OFFER

The Buyer's offer will be presented to you as soon as possible. You may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date, or any number of variables. The offer can go back and forth until both parties have agreed, or one of you ends the negotitations.

Once an Offer has been agreed to buy the Purchaser and the Vendor, there are a number of additional paperwork formalities which must be dealt with. Jim & Iris will assist you with these details.

Usually, you would then provide all appropriate paperwork to your lawyer, who will have the responsibility of ensuring the proper steps are taken to complete the transaction.