Accepting An Offer
AGREEMENT OF PURCHASE AND SALE
This is an agreement created by the Ontario Real Estate Association. It is typically referred to as the “offer”. This agreement contains the following:
- Names of the parties involved in the transaction
- The property address of transaction
- The purchase price and the deposit amount
- The amount of commission offered to your agent and to the co-operating agent
- The closing date(or move-in date)
- Schedules (Clauses which might include additional items or services included in the sale special provisions, additional representation, or any conditions of sale from either the seller or the buyer.)
It is the responsibility of the buyer and seller’s agents to make sure that all information presented on this agreement are accurate.
The agreement is signed by the buyer and their agent, then sent to the listing agent to present to the seller. It is then the responsibility of the seller to review the agreement and either accept or deny the offer. There are often negotiations between the buyer and seller and their agents to sort out various aspects of sale including price and extra inclusions. If accepted, the seller will sign and their agent will let the buyer’s agent know that the offer has been accepted.