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Everything you and your REALTOR® have completed to this point has been done with the goal of obtaining an offer on your home. All of the advertising, open houses, cleaning, repairs, staging, etc. have finally paid off – or have they? Getting an offer on your property is a good first step but there are usually a few more hurdles to clear before you can start packing your belongings.
Unless the offer you receive is unconditional and perfect in every way, you can anticipate having to ‘negotiate’ and then having some conditions ‘waived’ before the process is complete. I’ll discuss these topics later in the article.
When the offer is received, regardless of the amount of money and conditions offered, it must be presented to you. The offer is normally written on a form called a Purchase and Sale Agreement (PSA). The ‘pre-printed’ clauses contain information that pertains to all offers and, while your REALTOR® will ensure you read and understand the fine print, I will only discuss the offer-specific information in this article. The REALTOR® working with the Buyer will normally complete offer specific information such as the property address, names, conditions, and so forth.
Offer specific information you should be familiar with includes:
While the points noted above are important, they are but a few of the components of a PSA and offer. Given the variety and complexity of offers, Buyers, Sellers, and homes it is impossible to cover all the scenarios. Suffice it to say, your real estate professional is the one who can guide you through the maze of jargon and potential pitfalls. This assistance should minimize the stress during the offer process and ensure conditional offers are dealt with properly.
* Based on gross closed and collected commissions from 16 November – 15 November
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