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Canadian Real Estate/receiving an offer after conditional sale

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Question
I have just accepted a conditional offer on the sale of my home, pending financing and home inspection. I am selling privately and the conditions are to be fulfilled within 2 weeks. I have another buyer who viewed the home a few days ago, who now would like to also put in an offer. I have informed them that it is conditionally sold but they are welcome to still put in the offer on the condition the first deal falls through. I have heard I am to inform the initial buyers and they would have 48hrs to remove all conditions or that contract is null and void. Is this true and if not what are my other options? Thanks so much!

Answer
Hi Michael,
Thank you for your question. You would only provide notice to remove conditions to the first buyer if there was clause that pertains to a second offer included in the Agreement of Purchase and Sale. It usually reads something like "Provided further that the Seller can continue to offer the property for sale and should they receive another offer....etc" The amount of notice required would have been specified within that clause. If it wasn't included in the offer there's nothing that you can do until the first deal firms up or falls apart.
Regards,
Penny

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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