DEALING WITH OFFERS WHEN SELLING YOUR HOME

Navigating Offers with Your Realtor

When things progress smoothly, your Realtor will present you with offers from interested buyers looking to make your home their own.

Remember, an offer is essentially a contract. Accepting an offer means you’re agreeing to its legally binding terms. However, it’s important to note that many aspects of an offer are open to negotiation. Your Realtor may engage in multiple rounds of discussion to align both you and the buyer on a mutually satisfactory agreement.

Key Components of a Purchase and Sale Contract in BC Residential Real Estate

  • Purchase Price: The agreed dollar amount for the sale of the property.
  • Deposit: Often 5% of the sale price, negotiable, paid to the buyer’s Realtor’s brokerage, held in trust until subject removal, applied towards the purchase price at completion.
  • Subjects: Offers can be “subject-free” (no conditions) or include conditions such as home inspections, repairs, and document review. Buyers may also have conditions like securing financing or selling their current home. Conditions must be met within a negotiated period (typically 7-10 days) for the sale to proceed. In BC, a 3-day rescission period allows buyers to cancel the contract for a fee, providing an additional layer of buyer protection.
  • Terms: Details such as price, dates, deposit, and items included in the sale.
  • Adjustments: Pro-rated expenses to be assumed by the buyer, including property taxes, strata fees, and utilities.
  • Closing Date: The date when the property legally transfers to the buyer.
  • Possession Date: When the buyer receives the keys, usually 30-90 days after the sales agreement and shortly after the closing date.
  • Expiry Date: The deadline by which an offer to purchase expires if not accepted.

SUBJECT REMOVAL PERIOD: Navigating Inspections and Strata Reviews

During the subject removal period in the sale of both single-family homes and strata condos or townhouses, several common items often emerge as points for renegotiation. After a thorough home inspection, issues such as needed repairs for aging roofs, outdated electrical systems, or plumbing problems can lead to discussions between buyers and sellers about addressing these concerns before finalizing the sale. In the case of strata properties, the review of strata documents might reveal upcoming levies, assessments, or significant maintenance projects that could impact the buyer’s decision. This review process can also uncover restrictions or bylaws that may not align with the buyer’s needs, prompting further negotiation on price adjustments or requests for repairs to be completed by the seller as conditions for proceeding with the purchase. These renegotiations are crucial for ensuring both parties are satisfied and fully informed about the property’s condition and obligations before the sale is completed.

Post-Subject Removal: Finalizing Your Real Estate PURCHASE

Once all subjects are removed from the sale, we embark on the crucial financial and legal journey to finalize the sale and transfer property ownership. At this stage, securing a lawyer or notary becomes essential. They play a pivotal role in reviewing and enforcing the contracts, including the Agreement to Purchase and Title Transfer, ensuring a seamless transition and your peace of mind.

When choosing a lawyer or notary, consider the following:

  • Qualifications: Choose a professional who is a licensed, full-time lawyer or notary, specializing in real estate.
  • Local Expertise: It’s important they’re well-versed in local real estate laws, regulations, and any area-specific restrictions.
  • Fee Structure: Look for transparent, reasonable fees without any hidden costs.
  • Communication: They should be able to explain complex legal terms in clear, understandable language.

Selecting the right legal professional is key to a smooth and successful real estate transaction, safeguarding your interests throughout the final stages of your sale.

If you don’t have a lawyer or notary in mind, we would be happy to recommend one!

NEXT: MOVING OUT

GET IN TOUCH WITH US TODAY!
James Garbutt
(604) 315-3300 | ac.etatselaerdgobfsctd@semaj
Denny Dumas
(604) 761-6202 | ac.etatselaerdgobfsctd@ynned

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WHAT OUR CLIENTS ARE SAYING

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Sherin
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