Monday, October 26, 2009

How much did you sell your cottage for?

So, you finally sold the cottage! Congratulations! Your Realtor called and said they accepted your sign back and they'll take it in thirty days.

What's a 'sign back' you ask? Well.

First of all, there came an offer: The buyers have had a meeting with their Realtor and told that person how much money they want to pay you for the place. They have told him how many days go by before they have to pay you that money and when they will 'take possession.' The buyer might, (and likely,) also add things in their offer to buy like, getting a home inspection done. Getting a title search done and do you have a copy of the survey they can have. It always has a deadline for you to consider the offer and it should have a deposit cheque attached that might show you how serious these buyers are!
But mostly it's about the money.
It should be all typed up in a proper legal document and have witnessed signatures of the buyers.

You read their offer. (The Realtor should present it or just tell you what's in it) and then you decide if it's what you want to get for the old place. You can ask your Realtor's advice, but remember the dual agency paper and if he is representing both the buyer and seller, his opinion might not be in your best interest. You can take it to your lawyer, but remember that advice is billed by the hour.
If the offer to purchase is not to your liking either in terms or cash, then you 'Sign it back'.

A sign back is just that. You counter offer their offer to buy. Whether you up the price, ask them to remove the house inspection or tell them if they want a survey, they'll have to get it themselves.

Sign Back's next

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