What happens when offers are made on my home?
Download the bite-sized PDF guide here. Our gift to you!
Preparing for offers
The most complex moment in the sales process is when you get an offer on the home. There are many components to an offer and your REALTOR® will explain the entire process so you are comfortable with all the steps involved.
What offers look like
There are two types of offers. An offer with or without conditions: an offer without conditions is known as a firm or subject-free offer, and one with conditions is known as a conditional or subject offer. You can reject or accept the initial offer.
If you agree to some points of the offer but not others then you can submit a counter offer. Offers can be countered back and forth between the parties until one of you accepts or rejects, ending the negotiations altogether.
Counteroffers
Counteroffers are generated by the seller after a buyer has submitted an offer to purchase. Typically, counter offers will state that the seller has accepted the buyer’s offer subject to particulars such as:
A higher price (if buyer’s offer doesn’t match sale price)
Increase the amount of the deposit
Refusal to pay for certain reports or fees
Altering closing and/or possession dates
Modifying the contingency time frames
Excluding personal property
Removing subjects
Before a transaction can be finalised, the subjects (if included) will need to be removed from the sales contract. To remove the subjects, their conditions need to be met by both parties.
After an offer is made, a set period of time will be given to meet these conditions. This is the “subject removal period” and is typically given as seven days in BC. That means if the offer you have received is approved on a Wednesday, we’ll have until the following Wednesday to remove the subjects.
How much work you need to get done in this time will obviously depend on how many subjects the buyer has included in their offer and how many are your responsibility to handle.
Closing the deal
Once all subjects have been removed the sale is considered final - congratulations!
The final documents will be sent to your lawyer/notary to prepare the necessary documentation pertaining to the sale of your home. Your lawyer/notary will forward these important documents to the buyer’s lawyer/notary for final execution. Your lawyer/notary will arrange with the buyer’s lawyer/notary to pick up funds and then you will be notified when the sale is complete.
Your REALTOR® will contact you to handle any further requirements, such as transferring the keys to the new owner.
Other seller’s guides
