Sellers: Getting an Offer on Your * Condo
Sellers: Getting an Offer
In negotiating the sale of your home, Condo Hotline will inform you of each offer our office receives for your home, and we will meet with you in person and in private to review the offer and go over the terms and any recommended changes or counter-offers.
The major elements of an offer include:
- Legal Names of Buyers and Sellers
- Legal Description of the property
- Price-the amount the buyer is willing to pay. Depending on the local market conditions, the buyer's opinion of value and market information provided by their realtor, the price offered may be different from the asking price.
- Amount of Deposit-The deposit shows the buyer's good faith and will be applied against the purchase of the home when the sale closes. Deposits are usually in the amount of $1,000 to $5,000.
- List of Terms and Conditions- which might include items such as obtaining financing, obtaining a satisfactory building inspection, or subject to selling a buyer's existing property.
- List of Fixtures and Chattels that are included and excluded. These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors, or appliances such as fridge, stove, etc.
- Closing/Occupancy date-Generally, the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified
The offer will be written on a standard contract form. You may make changes to the offer, ranging from small text changes, different closing or contingency removal dates, to the purchase price--this constitutes a Counter Offer. When the Buyer and Seller agree on all terms and have signed the contract, the agreement is "bottom-lined." At this point, we will monitor the buyer's progress in meeting all conditions, i.e./ Financing, Inspections, etc.