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Canadian Real Estate/Accepting Second Offer with no Conditions

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Expert: - 8/16/2010


Question
We have accepted an offer on our home conditional on the
sale of the buyer's home. We also have a 48 hour escape
clause in our agreement to sell. We now have a second offer
on our home that has no conditions but is lower in price.
Are we allowed to accept a second but lower offer that is
not conditional on the sale of the buyer's home?

Answer
Yes, but be careful! You can accept the second offer on your home as long as the proper clauses are included in both the accepted offer and the new offer. It sounds like that your accepted offer does provide you with the opportunity to serve notice to the existing Buyer to firm up the deal within 48 hours or withdraw. These notices and the release must be done in writing.

As long as this is the case then the new offer must include a clause that stipulates that you must first be released from the previous offer before this offer can become firm. Condition dates and notices become very important when dealing with this type of situation.

If you're working with a Realtor then they will guide you through the process. If you are selling privately I would advise consulting with your Lawyer regarding the process to ensure that you follow the correct procedure.
Penny MacKenzie
Sales Representative
Re/Max Garden City Realty Inc. Brokerage
www.burlingtonhomesonline.ca

Canadian Real Estate

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Penny MacKenzie

Expertise

General Residential Real Estate, Real Estate Agency, Real Estate Terminology, Real Estate Marketing

Experience

Penny MacKenzie is a full time Burlington Real Estate Agent with over 15 years of experience. An active member of the Burlington Business Community Penny is Past President of The Burlington Chamber of Commerce and Past Chair of Tourism Burlington. Penny has also served on the Board of Directors of the Burlington Art Centre Foundation. Penny is also past chair and co-founder of Party In Pink an incredible women only fundraiser for Breast Cancer Support Services. In just four short years this event has raised over $250,000 in support of women who are currently undergoing treatment for breast cancer. As a full time Realtor Penny is experienced in the Burlington and Area real estate market. She has personally handled all types of real estate transactions, however, she is an Experienced Residential Realtor, qualified to help families reach their residential home buying and selling goals.

Organizations
Hamilton-Burlington Real Estate Board, Oakville-Milton Real Estate Board, Ontario Real Estate Board, Canadian Real Estate Board

Publications
www.blogburlingtonsbesthomes.com

Education/Credentials
Licensed Realtor with Keller Williams Realty the fastest growing Real Estate Company in Canada!

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