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Canadian Real Estate/Conditional offers
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Question
f I make a conditional offer (one of the conditions being the sale of my current house) on a residential property can the seller accept a non-conditional offer while they are waiting for my house to be sold?
Hi Ralph,
The Seller can not accept another firm offer.
They would have to make the other offer Conditional upon being released from your offer.
In most Conditional Offers being the Sale of the Buyers property, it would also contain an Escape Clause. This allows the Seller to still offer the property for sale and in the event they received a better offer in the time frame stated, they can give you 48 hours to either firm up or walk away from the deal and get your deposit back.
Derek
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Answers by Expert:
Derek Hamilton
Expertise
Any questions relating to Residential Real Estate in the City of Toronto or Southern Ontario. How much is my home worth in todays market? What's involved in Buying Real Estate ? How much do you need for a down payment? What's involved in Buying a Condo? What's involved in Buying a Co-op? What do you need as a deposit? How to choose a good Real Estate Agent for your property? What should you do to prepare your home for the market? How much Commission should you expect to pay? What are the expenses when Buying or selling your property? Should you have your home Staged for the market?
Experience
Residential Real Estate Sales Representative in Toronto Ont,Canada for 25 years. Award winner for 20 straight years with Royal Lepage & Sutton Group. Prior experience was 10 years building new custom homes & Renovations in North Toronto. I have a total of 30 years experience in the Residential Real Estate field.
Organizations
I also subscribe to the Georgian Triangle Real Estate Board in Collingwood & the surrounding areas.
Education/Credentials
George Brown College "Carpentry", Continuing Education with the Toronto Real Estate Board. Member sinse 1985.
Awards and Honors
Platinum Award 2000-2008
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