EXAMPLE PAGE- GUIDE - REAL STATE - UNBOUNCE - HKALLES - Flipbook - Page 17
STEP
5
ACCEPTANCE OF THE OFFER
Once you’ve accepted an offer, the buyers must provide a deposit
cheque to be held in trust. If the buyer(s) does not waive the
conditions, the offer becomes null and void and the deposit will be
returned to them. Once all conditions are met, the deal becomes
“firm” and the deposit will be held until closing when it is applied to
the sale proceeds.
FULFILLING THE CONDITIONS | As mentioned, the Agreement of Purchase & Sale may
contain one or more conditions which must be satisfied before the accepted offer can become
firm and binding. Conditions will have a set period of time for removal, as outlined in the
Agreement. Common examples include:
•
•
FINANCING CONDITIONS For financing conditions, buyers are often pre-approved. They
may simply need to have the approval applied to your property, so the removal of this
condition is fairly swift.
HOME INSPECTION If the offer is conditional upon a satisfactory home inspection, the
buyers will request permission for a qualified professional home inspector to spend 2-4
hours thoroughly checking your home. The buyers usually accompany the inspectors, as
well. The inspector will provide the buyers with a report, and if the buyer is satisfied, they’ll
waive this condition. If for some reason the buyer is not satisfied, the offer would become
null and void and the deposit would be returned to the buyer. This isn’t the ideal situation,
but we will get right back to work to find the right buyer for your home.
Once the conditions are met, the buyer signs a waiver and the deal is firm. If you’ve completed
all these steps, then you are a successful home seller. Congratulations!
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