How a Real Estate Transaction Works
No need to scramble when an offer comes in. You are in control.
For those sellers (and buyers) who have never experienced the rush of a real estate deal, I am going to break down what the process looks like when the initial offer comes in.
Scroll down for the video about the lifespan of the offer.
How it Typically Happens
A phone call from a buyer agent will most likely trigger the start of the offer process.
“We are going to be submitting an offer.”
Music to your ears. But that is all that is said, and then they hang up. Was it all a dream? A call from a buyer agent means diddly squat.
You need to get the offer in writing.
What Should My Offer Look Like?
Email with a PDF Attached
Always ask the buyer agent to send the offer in an email with a pdf attached.
If the offer is submitted by an agent it should be written on provincial real estate forms. Each province has its own set of forms. You can tell if the forms submitted are regulated by the governing body of that province by looking for their information somewhere in the margins. For example, the Nova Scotia forms have the text: “Published by the Nova Scotia Association of Realtors” located at the bottom left of the form, along with the date the form was published.
Signed by All Buyers
E-Signature or Hard Copy
Make sure the entire document is signed
The first page of the offer should indicated who the buyers are. Make sure ALL buyers have signed the entire document. There will be a number of spots where the buyers will need to sign. Have a careful look to see no initials or signatures are missing.
Email the Buyer Agent
Shoot the buyer agent a quick email saying you have received their offer.
After you confirm you have received the offer by emailing the buyer agent a simple sentence or two, you now have time to review the details of the offer. There is a lot of work ahead, so make sure you take the time to read every aspect of the offer before taking action.