Yes, you need an attorney, who will make up the offer and final contract. Don’t be surprised if you have to make a counteroffer, because there is an excellent chance that you will. It isn’t always the selling price that requires negotiations. Other reasons could be disagreements on precisely what will go with the property, contingencies, closing and move-in dates, as well as which party is responsible for the payment of closing costs. In most of Canada, sellers generally can’t pay the buyers’ closing costs. Offers on Canadian homes often include financing and home inspection conditions, though those contingencies are often only for a few days only. After an offer has been accepted, once the buyer has conducted a home inspection or received approval from a lender for a mortgage, the property sale is firm, meaning you (the seller) can’t back out of it for any reason. You need to be fair to yourself and your buyer throughout the negotiation. Everything—and I mean everything —must be in writing. You can withdraw your counteroffer at any time before the buyer accepts it. The same goes for the buyer withdrawing their offer before you accept. I highly advise that you seek out a professional at this point because negotiations can become very complicated. Attorneys and qualified real estate agents really come in handy in this area.
STEP 6: THE CLOSING PROCESS
Hallelujah! You’ve worked through negotiations with your buyer. All the I’s have been dotted and all the T’s have been crossed on your legally binding contract. You’ve accepted an offer; get ready to close. First, between the time you’ve accepted an offer and the final close, you must ensure nothing happens to the home, because 87
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