3 possible responses to an offer to purchase
It’s happened: a buyer is ready to make an offer to purchase! At this point, you have several options open to you. And remember, you don’t need to make a decision right away.
First, check the response time you have to give the buyer your answer (usually 1 to 10 days) and let them know you will think it over. Next, schedule a meeting to get together again.
Use this period of reflection to call a DuProprio notary or a private notary. Their input will help you validate and understand all the clauses in the offer. This will help you know whether it truly meets your needs.
Accepting the offer to purchase
If you agree with the terms of the offer (price, conditions, occupation date, etc.), you can accept it. That would be the ideal situation. Just remember than an accepted offer to purchase becomes an irrevocable contract, meaning you are required to comply with the stated conditions of sale.
However, accepting the purchase offer doesn’t necessarily mean that the house is sold. If there are conditions in the offer to purchase, they must be met before you can put up your “Sold” sticker.
Submitting a counteroffer
You’re fine with most of the terms, but not all? You can make a counteroffer to the potential buyer, in which you can modify the terms and conditions listed in the initial offer to purchase. For example, you can note that you agree to all the terms but would like to receive a different price than the one offered.
To keep from going back and forth with counteroffers, it is in your interest to negotiate the terms in person. Speaking with the buyer will make it easier for you to come to an agreement that can then be put on paper in a new offer to purchase.
Refusing the offer to purchase
If you’re not satisfied with what has been offered, use tangible reasons to explain why you are refusing the offer, for example, the offer price is not in line with the evaluation report you have. The buyer then has the chance to reconsider their position and come to a reasonable compromise.
Regardless of your decision, indicate it in the Acceptance by Seller section in the Offer to Purchase document. If a problem arises, remember that the only professionals authorized to provide legal advice are a DuProprio notary, a private practice notary or a lawyer.