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Ryan will call you when an offer (in the form of a Purchase and Sale) has been written. It is usual to present the offer in an expeditious manner. If Ryan has written the offer himself, he will know the price and conditions contained therein. If another REALTOR® has written the offer, it is quite likely that he will not know, nor is it normal to ask, its contents until he presenting the offer to you. Each term and condition will be scrutinized until you understand and are satisfied with their meanings.
Always remember that you are under no obligation to accept the contract as is. You are at liberty to deal with it as you choose with me assisting you along the way. Generally, there are three avenues open to you. They are:
1) Accept the offer
2) Counter the offer
This is where you make changes to the offer. Changes can be made to the price, dates, subjects, terms and more. All changes must be initialed by both the sellers and buyers before an offer is accepted. The buyer can choose not to accept the offer and instead, counter with another offer. This is a count to the counter offer. Again, these changes must be initialled by both parties before the offer is accepted. If initials are missing, then there is no binding contract. A true copy of the signed and initialed contract will be given to both the sellers and buyers when a contract is accepted.
3) Reject the offer
About subject clauses:
Subject clauses must be removed in writing or as an addendum to the Contract of Purchase and Sale before your home is considered as sold. The buyer signs this form with his or her REALTOR® who will then deliver or fax the subject removal form to Ryan. Ryan will ensure that you receive clauses. Subject clauses can be written for the benefit of either the seller or the buys. When an offer has a "subject to financing" clause, it is common for the mortgagee (bank or trust company) to send an appraiser to appraise the seller's property. Once the home is sold, all documents will be forwarded to the seller's chosen lawyer/notary from Ryan's office. Usually the mortgagee will require a survey of the seller's property and the buyer's lawyer will order one for them. When the paper work is in order, the seller's legal council will request for the seller's signatures. This usually occurs a few days before the contract's completion day. After all documents are signed, the property will be registered on the completion day at the Land Titles Office and all funds will be disbursed. Keys will usually be delivered to the buyer on possession day.