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Negotiating an Offer
Prior to viewing homes or listing your house for sale, you should determine whether you want to use the services of a Realtor. Realtors will show homes to buyers. If you are selling your home they list it for sale on the Multiple Listing Service (MLS).
In addition to these services, Realtors will also assist you in either drafting an offer to purchase or explaining an offer presented to you. As a general rule, your Realtor will have the experience to handle most routine negotiations, making it unnecessary to consult your lawyer during this process.
However, in the event you come across an unusual situation or feel uncomfortable, you should consult your lawyer. If this is the case, make your offer or counter offer ‘subject to your lawyer’s final approval’.
It is not usually practical to see your lawyer while the offer is going back and forth between the parties. Remember, once you have accepted an offer or counter offer, you are now a party to a binding contract. Your lawyer cannot change the terms at a later date.
Not using a Realtor
In some instances, buyers and sellers are already matched up and have agreed on some of the terms.
As your legal advisors, we can draft the offer to purchase and negotiate the remaining details with the other party or their lawyer, on your behalf. Whether you are using a Realtor or not, if something is important to you, make sure you include it in the written offer!
Once the Residential Real Estate Contract is Negotiated
Once your offer to purchase is accepted, you should contact our office as quickly as possible to ensure we have a copy of the offer. We also need to ensure we have your contact information accurately recorded in our files.
If you need a mortgage, you should arrange a meeting with your bank’s mortgage officer as soon as possible. Your bank will forward mortgage instructions to our office.
Please remember, we cannot complete the transaction without this information. About a week or so before your possession date, we will meet at our offices to sign the final documents.
At that time, please remember to bring the following items with you:
1. Buying a Home:
- Two (2) pieces of Identification. Acceptable options: Driver’s Licence, Passport, Social Insurance (SIN) card, Birth Certificate, or Citizenship Card.
Please note: We cannot use or accept your Manitoba Health Card.
- Confirmation from your insurance broker that you purchased adequate fire insurance, and that the policy is effective by possession.
- A bank draft in the amount of the monies required to close or complete the transaction. (We will contact you for the amount.)
2. Selling a Home:
- Two (2) pieces of valid identification. Acceptable options: Driver’s Licence, Passport, Social Insurance (SIN) card, Birth Certificate, Citizenship Card.
Please note: We cannot accept your Manitoba Health Card.
- A key to the property in question.
- The survey certificate and zoning memorandum. (If available.)
- Your most recent water bill.
In order to make life easier and law accessible, we’ve put together a free guide to buying and selling your home. Download it by clicking the link below.