An interested buyer and his agent have just prepared a written offer, usually on a standard form called the Contract of Purchase and Sale. The Buyer’s realtor will either present this to you and your representative or you may choose to have your Realtor present it to you alone. Your Realtor must present you with all written offers if you receive several at one time, – you are under no obligation to accept one over the other.
When you receive an offer, you and you only have the final say. You can accept it, refuse it, or most commonly counter-offer to the buyers, with the changes you want.
An offer usually contains subject clauses the buyer needs to remove by specific dates. A subject clause is a special condition that must be met before the sale can take place.
The Contract of Purchase and Sale will specify a completion day for the sale. On this day, legal ownership of the home will transfer from you to the buyer. At least two weeks before this day, you should make an appointment with a lawyer or notary public to handle the completion procedures.
The lawyer/notary will:
Ensure that your mortgage has been properly discharged
Arrange for you to sign papers transferring title
Confirm that all payments you are responsible for, have been madeGive you a cheque for the balance owing