The Offer and The Closing

Before the first offer comes in, you should have in mind, how low you’ll go on price, what conditions you’ll accept and what terms would be agreeable such as a closing date or sale of buyer’s property. Then when the offer comes in, you have a set of criteria by which to evaluate it.

The offer will contain:

  • the names of the parties involved and the property description
  • the offer price
  • an irrevocable date and time – the time frame in which you have to accept the offer, counter sign, or decline it altogether
  • the closing date
  • any appliances, and other chattels and fixtures that will be sold with the house
  • conditions – including but not limited to: securing financing, having a home inspection, sale of property etc.

A conditional sale on your property can vary in time length. Once all of the conditions are satisfied, you will have a final sale and both the buyer and seller are under legal obligation to be able to close on the property. Default by either party could result in a lawsuit.

You are responsible for handing over the home in the same condition it was in at the time of the offer. This applies to everything that was agreed to in the offer, including appliances.

Between the accepted offer and closing:

  • call utility companies to switch over or assume services
  • make a list of everyone and every company who will need your new address
  • call your insurance company to let them know the date you will be terminating coverage on your existing home (can not be sooner than the closing date)
  • call the movers and try to arrive later in the day at your new home. The sellers will need time to move their things out as well.

Your Lawyer

Here’s what your lawyer will do to assist you in making the sale of your home hassle-free:

  • Do a complete review of the purchase agreement
  • provide answers to the purchaser’s lawyer regarding title
  • prepare transfer of title documents
  • review any mortgage transactions
  • review and advise you on any condominium documents
  • pay the appropriate commissions with the sale proceeds
  • pay any outstanding claims against your property with the sale proceeds
  • pay off your mortgage (if necessary)
  • forward the balance of money from the sale to you