Home Selling Guide: Offers and Completion
An interested buyer will prepare a written offer, usually on a standard form called the Contract of Purchase and Sale. Your Realtor must present you with all written offers and if you receive several at one time, you are under no obligation to accept one over the other.
When you receive an offer, you can accept it, refuse it, or make a counter-offer to the buyers, with the changes you want.
An offer usually contains subject clauses that the buyer needs to remove by a specific date. A subject clause is a special condition that must be met before the sale can take place. For example, a buyer may want to have a certified home inspection done before they commit to the sale. Once the subjects are removed and you've signed the offer, it becomes legally binding.
The Contract of Purchase and Sale will specify a completion day for the sale. On this day, legal ownership of the home will transfer from you to the buyer.
Before the completion day you should hire a lawyer or notary public to handle the completion procedures. Your Realtor will be able to recommend some lawyers or notaries. The lawyer/notary will:
Although you will receive a payment upon the sale of your home, there are still some costs you need to be prepared to pay. They include: