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Selling - Negotiating Offers

Posted by 4 years ago. (Back to all articles...)

Discuss with your RE/MAX 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 RE/MAX 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 RE/MAX 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
    • Price
    • Closing date
    • Survey
    • 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 comission, the balance of your mortgage and outstanding taxes. Some utilities and taxes will have been prepaid, meaning you'll have some additional funds.

Your Lawyer

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.

Useful tools to get you on the right track:

Sellers Action Plan

Get started

Home Inspection Checklist

Open House Checklist

All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind. *Results provided by RE/MAX. Mortgage amount shown is equal to 80% of the listing price. For mortgage qualification purposes the mortgage amount is based on the lesser of the purchase price or the appraised value of the property. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.

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