The Offer Process
After the buyer finds a home they would like to purchase, they work with their real estate agent to determine the conditions they wish to include and the price they are prepared to offer, along with relevant dates. The buyer's offer remains binding until the specified irrevocable time or until the seller either accepts, counters, or rejects the offer.
Common Conditions
Financing
Condition of financing gives the buyer time to ensure they can come up with the funds for the purchase of their home. This will involve the buyer arranging with either their bank or their mortgage agent to ensure funds are readily available for the closing date.
Then the seller can either...
Accept the offer
After the buyer finds a home they would like to purchase, they will discuss what conditions they would like included, and what price they are willing to pay for the house, along with all relevant dates.
Counter the offer
After the buyer finds a home they would like to purchase, they will discuss what conditions they would like included, and what price they are willing to pay for the house, along with all relevant dates.
Reject the offer
After the buyer finds a home they would like to purchase, they will discuss what conditions they would like included, and what price they are willing to pay for the house, along with all relevant dates.
When the seller counters the offer, they are locked into the offer until the irrevocable time, or until the buyer then accepts, counters, or rejects.
Relevant Dates
Irrevocable Date
The date and time a buyer or seller has to decide what they want to do regarding an offer. During this period the party who submitted the offer cannot retract it. At this point, the party receiving the offer can accept, counter, or reject the offer.
