Now that My Property is on the Market, What should I Expect?

Step Six

Open Houses – Open houses are planned public events allowing represented and unrepresented buyers to attend your home or investment for the purpose of its sale. Although open houses are an inconvenience to owners or tenants of a property, they are a great tool for attracting a large number of potential buyers and getting your property sold.

Private Property Showings – Unlike public open house events, private showings are scheduled tours of your home or investment to individual parties. Whereas public open houses allow large groups of people through your home or investment, private showings are much more personal and bring in smaller numbers of people. Usually, private showings take much less time than a public open house event, so, they are less intrusive on the owner or tenant.

Dealing with Offers – Once the advertising has been completed and people have had the opportunity to see your property, an offer or multiple offers should result. When considering an offer, there are three main methods by which a Seller may respond. Accepting an offer means the Seller agrees to all of the conditions offered by Buyer. Rejecting an offer means the Seller does not agree to the offer and thereby quashes the offered proposal. A Seller may also “counter” any offer. This occurs when the Seller, although happy with some or most of the terms offered by the Buyer, wishes to change or alter some of the terms of the Offer. Legally, a counter-offer rejects the original offer from the Buyer to the Seller and creates a new offer made by the Seller to the Buyer, according to the altered terms.

Condition Removal Period – Once an offer has been accepted, there are often conditions attached to the offer that must be fulfilled before the offer becomes “firm.” These subjects are also called condition precedents. For example, the Buyer will purchase the subject property on the condition that the Buyer can secure suitable financing. Once all the condition precedents have been satisfied and all parties have removed their conditions, the offer becomes a firm offer.

Completion Period – Once a firm offer is in place, there is a period of time between the condition removal date and the date the transaction completes (i.e. the date the total purchase price is paid and title to the property is transferred from the Seller to the Buyer). During this time, the Buyer and Seller will notify their lawyer or notary of the pending transfer of title and money.



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Selling Real Estate