Negotiate the Best Terms Possible
After many discussions, your realtor will know the minimum conditions, acceptable closing dates, and lowest price you'll accept from a potential purchaser. Make certain that your realtor also has some leveraging power with chattel you're willing to agree to in the offer.
By knowing your parameters, your realtor can work with the potential purchaser's realtor to create an offer that will be acceptable to you. After all, it comes down to bargaining and persuasion, and your realtor is one of the top in this field.
The Offer from the Seller's Viewpoint
Interested buyers will submit an offer to your real estate agent through their agent. Your agent will take you through the offer to ensure that you understand all aspects of it. Before you accept or sign back the offer, you may wish to take the offer to a lawyer and make certain that ever detail is legally accurate and in your best interest.
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 - chattels - survey - home inspection
- An irrevocable date (you have until this date to accept, or sign back a counter offer).
Very often, the first thing vendors look at is the offer's purchase price. Remember that it is not all yours. You'll have to pay your:
- real estate agent
- bank (for the balance of your mortgage and for any prepayment or discharge penalties)
- taxes (if there are any outstanding)
On the bright side, you'll probably have pre-paid a number of things like utilities, and taxes, so you'll be getting additional funds as well.
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.
- Close the transaction.
- Pay the appropriate commissions.
- Pay any outstanding claims against your property.
- Pay off your mortgage (if necessary).
- Forward the balance of the money from the sale to you.
- Provide a complete statement reporting all transactions
Evaluating the Offer
Before the first offer even 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. Then, when an offer comes in, you have a set of criteria by which to evaluate it.
Scrutinize all of the details, chattels, closing date, conditions, address and description of your property, provisions and deposit. You and your realtor will thoroughly go over every detail. If there's anything you don't understand, ask!
Accepting the Offer
Once you're satisfied that offer has met your criteria, you'll want to accept it. To ensure that your purchaser won't get cold feet, you'll want a deposit. The deposit will be held by your agent and when the deal is closed it will be applied to the commission owed.