Negotiating Offers & Closing
In the event of a bidding war (or multiple offers) you will be looking at all the offers and deciding the best one to work with. Your Select Choice REALTOR® will have anticipated & discussed some of the negotiation strategies with you before you get an offer to help prepare you especially in a hot seller’s market when multiple offers are common.
You’ve come to an agreement with your Buyers and have signed the Contract of Purchase & Sale. Your home is still NOT sold. Between signing the contract and the date of Subject Removal, it’s the Buyers’ right to satisfy or waive all the Subject Conditions to their satisfaction. The sale could collapse or move forward to Closing at any time before the Subject Removal date and there may be more negotiating involved before Subjects are removed.
After acceptance of the offer and before subjects are removed you may have more showings. Your agent will assess how strong the first offer is and may recommend other interested buyers write a back-up offer.
Your Home is SOLD
Once Subjects are removed in writing, the listing REALTOR will put a SOLD sign up and there will not be any further showings, however, the listing remains active on REALTOR.ca and in the MLS system until CLOSING. As the Seller, the TITLE to your home will not be transferred to the new owner until funds have been transferred usually late in the day of CLOSING.
The new buyer will have POSSESSION the day and time your CONTRACT specifies. Transfer of keys are arranged with the Buyer’s REALTOR®.