ACCEPTED, COUNTER-OFFERS, & DATES

After your offer is submitted, the seller will accept, counter, or decline the offer

COUNTER:
The seller can return your offer with certain details changed; they may want to change the price, the completion/possession dates, subject removal time, included items, etc.

DECLINE:
The seller may decline the offer without a counter. In this case, you can either change some details of the offer and try again, or look elsewhere for another home to purchase.

ACCEPT:
Upon acceptance of the offer, its time to start satisfying the conditions of the subjects.

Over the course of the subject removal time period, you may have to work with your bank/mortgage broker to get your loan approved, speak with a home insurance provider to get confirmed for your insurance, hire a home inspector to inspect the property, review the title information, strata rules/bylaws, and review strata council meeting minutes.

If any of the conditions are not met to your satisfaction, you do not have to remove that subject and the offer will collapse upon the date stated within the offer. You will not be held to the terms of the contract any further.

Remember that “changing your mind” is not a legitimate reason to back out of a contract. You must have one of the subject conditions fail in order to not continue with the contract.

*It can be scary to get either of the responses above - it makes the process a lot more real and forefront in your mind. Counter, accept or declined - view them each in a positive light! They counter - the decision is now yours to continue or not. They decline - perhaps that property wasn’t the right one, and you get to move on to the next. They accept - you win!*