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  • Buying Process
  • Selling Process
  • Completion Guide for Buyers
  • Completion Guide for Sellers
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Selling Process

At Rennie & Associates Realty we strive to make the selling process as smooth and worry-free as possible, from our first consultation with you, to listing your home, getting ready to show, negotiating the sale and closing the deal.

We have the expertise to handle of all the details while maximizing the return on your investment. Our process includes accurate valuation of your home, realistic overview of the marketplace, superior marketing and service, and optimal sales.

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4 Handling Offers

Congratulations, you have your first offer. Your sales associate will ensure you feel confident and comfortable about proceeding to negotiate and close the deal. We have the experience to finalize the deal for you in a manner that is as seamless and worry-free as possible.

• Understanding offers
  What’s included and who should handle it?
• What are subjects?
  Conditional terms that can make or break a deal.
• Responding to an offer
  Responding takes careful consideration.
• Multiple offers
  Your listing is popular – a great position to be in.
• Is it the right offer? Right price?
  We can help you evaluate.
• Accepting an offer
  Ready to sign.
• Subject removal
  Take them seriously and attend to details.
• Firm offer
  All that's left to do is close.

Understanding offers

Once a buyer wishes to make an offer on your listing, your Rennie Sales Associate will handle all details of the potential transaction on your behalf. The offer will be reviewed and if it is appropriate you will be presented with a formal Offer to Purchase or a Contract of Purchase and Sale to review and consider.

We encourage you to work closely with your Rennie Sales Associate to evaluate the offer and if appropriate you might also wish to have a lawyer/notary review the details. Remember that the Offer to Purchase or Agreement of Purchase and Sale is a legal document.

The following information is included in a formal offer:

• The potential buyer’s name, name of seller, and legal and street addresses of the property
• The price that is being offered
• A listing of chattels: items in the house included in the purchase price
• Financial details: amount of deposit, details of mortgage financing; any conditions, subjects or clauses
• Closing date: the date the buyer would like to take possession of the home (usually 30 - 60 days)
• Requests to the seller: for example, a current land title or survey
• The date when the offer ends, or expiry date (usually 48 - 72 hrs)

What are subjects?

Subjects are conditional terms included in the offer which must be satisfied before the sales contract will become final. Your Rennie Sales Associate can explain any details and potential ramifications to you thoroughly.

The sale of a home may be subject to: satisfactory home inspection, property appraisal and approval of the buyer’s mortgage financing, or other conditions.

As a seller, you may also have subjects or conditions, such as finding a new home by a certain date, etc. Your Rennie Sales Associate can help you write your conditions into a counter-offer, if necessary.

Responding to an offer

You can respond to an offer in any of these three ways:

• Accept
  You accept the offer “as is” and the deal is complete. Remember, once you sign, the offer becomes a binding legal contract.
• Counter offer
  As the seller, you can make changes to the offer. Usually these changes include modifications to price, closing date or conditions. You then initial the changes and your Rennie Sales Associate will send it back to buyer for review. The buyer may sign the document, and accept your counter offer, which concludes the deal. Or, the buyer may make another counter offer back to you, as the seller. Throughout the process, your Rennie Sales Associate will explain every detail to you thoroughly.
• Reject the offer
  You may choose to simply reject the offer, return the deposit, and the sale will not go through.

Multiple offers

When a market is “hot” supply of homes is limited and the demand from buyers is strong. In this scenario sellers may receive multiple offers, as buyers “line-up” to buy a particular home. Multiple offers tend to push home prices up and create a high-stress environment for the buyer. Your Rennie Sales Associate can assist you in handling the complex, yet exciting proposition of multiple offers.

Is is the right offer? Right price?

There are many motivational factors involved for both buyers and sellers that go beyond price. Fair market value is not always the best indicator. We’ve seen homes sell for a lot more and less than fair market value. The most attractive offers have the highest price and the least amount of conditions, such as financial pre-approval, large deposits and attractive closing dates. Your Rennie Sales Associate can assist you with determining whether or not the offer is the right one for you.

Accepting an offer

Whenever changes are made to the terms or conditions of an offer, the other party may accept, reject, or make another counter offer. Only when one party signs an unconditional acceptance of the other’s offer does it become legally binding.

Subject removal

The subject removal period is typically from one week to 10 days. Both parties must satisfy and remove their pending conditions before the specified date in order for the sale to proceed.

Withdrawing an offer

It is important to note that the buyer can withdraw an offer right up until the moment before it is accepted. If the offer is an attractive one to you as the seller, it is prudent to act as swiftly as possible and is comfortable for you.

Firm offer

An offer is considered firm when all subjects have been removed by the buyer. The next important step is called completion. For more details on the completion process, refer to our Completion Guide for Sellers.

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