Most sellers think that once they have received an offer and negotiated an agreed upon price that the deal is done. In reality, this is only the first step. The offer will typically have the following key elements that need to be negotiated and agreed upon between the buyer and the seller.
1. PRICE: the price at which the buyer begins the negotiations. Together we would determine the appropriate strategy to pursue in responding to an offer so as to get you the highest price.
2. DEPOSIT AMOUNT: typically paid upon subject removal to the Buyer's brokerage and held in trust for the transaction. It forms part of the total purchase price.
3. DATES: there are three dates that need to be determined:
- completion date: the date you receive monies in full for the property, title is transferred from your name to the buyer's, and they are officially registered at the Land Title's Office as the owner.
- possession date: the date by which you need to move out. This is typically two to three days after completion.
- adjustment date: the date you stop paying the bills! This is generally the same day as the possession date.
4. SUBJECTS: conditions of the contract that allow the buyer to do their due diligence on the property. The buyer normally has one to two weeks to satisfy himself with regard to the subjects. Some typical subjects are financing, a building inspection, and/or strata documents (for strata properties). We will provide all information required to satisfy the subjects in a timely manner so as to ensure the process goes smoothly for the buyer and therefore for you as the seller.
Upon satisfying the subjects, subjects are formally removed via an addendum to the contract, the deposit is paid, and the deal is considered firm and binding.
COMPLETION AND POSSESSION
We will advise you once the sale completes and is registered at the Land Title's Office. Upon the date of possession, we will get all of the keys to the property and transfer them to the buyers' REALTOR® on your behalf.
As experienced REALTORS®, you know that when you work with us, you will have professional guidance throughout the entire process outlined above. Any questions or concerns that may come up along the way, will be dealt with thoroughly and to your satisfaction.