Selling a Home > When You Receive An Offer  

When you receive an offer, you have three choices: 

  • Accept it 
  • Reject it 
  • Sign it back

 
ACCEPTING THE OFFER 
If you accept and sign the buyer's offer, you have formed a legally binding contract to sell your home, subject to any conditions. All parties and their lawyers receive copies and the transaction is completed in the coming days or weeks. See "From Signed Agreement To Closing The Sale" 

REJECTING THE OFFER 
If you reject the offer, the buyer may choose to submit another offer for your review and response. Keep in mind they may not decide to to come back with another offer. 

SIGNING BACK THE OFFER 

If you "sign back" proposed changes to the buyer's price or

 terms through a counter-offer, the buyer then has the option of accepting your terms, rejecting them or submitting yet another counter-offer. This process of exchanging counter-offers continues until both parties agree completely, or until one of you ends the negotiation. 

THE "AGREEMENT OF PURCHASE AND SALE" 
Here are some of the areas that will likely be custom-tailored to fit your transaction: 

Purchaser - The person(s) submitting the offer

Vendor - Names exactly as shown on the existing ownership document

Agent - The Brokerage and the Realtor(s) involved in the transaction. 

Property - Exact legal description of your property 

Purchase price - The price the buyer is offering 

Deposit - A deposit to demonstrate they are serious about their intent to buy

Clauses particular to this agreement - Often these provisions are stated in the form of "conditions" to the Agreement.

Fixtures excepted and chattels included - Fixtures are permanent improvements to a property, such as wall-to-wall carpeting. Chattels are moveable pieces of personal property, such as washers and dryers

Completion date - Also known as "closing date"

Time to examine title - Time for the lawyer to confirm that your ownership is free of restrictions