The Closing

OFFERS:

An interested buyer will have their Realtor prepare a written offer, which will be presented to you for consideration. An offer usually contains the following:

• an initial offer price
• a list of items to be included in the sale price, such as appliances etc.
• a completion date when the property will transfer title
• 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 will likely need a mortgage to purchase your property so the offer will be made subject to the buyer obtaining financing before they commit to the sale. Once the subjects are removed and you've signed the offer, it becomes legally binding.

When you receive an offer, you can accept it, refuse it, or make a counter-offer to the buyers, with the changes you want.

COMPLETION:

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.