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Don’t Get Caught Selling Your Property Twice
A property seller can very easily get stuck selling their property twice by negotiating with two buyers at the same time. The standard offer letter is a legal contract called the Contract of Purchase and Sale (CPS) and if the seller for instance receives offers from two buyers, and counters both, they could potentially have sold their property twice if both buyers accept the counters.
It is OK to receive multiple offers, but when you accept multiple offers or you counter multiple offers you are in serious risk.
Back-Up Offers: How to Accept Multiple Offers on a Property without Getting in Trouble
The concept of Backup offers allows a seller to do just this, by inserting a clause into the Contract of Purchase and Sale (CPS) you can easily convert an offer to a back-up offer, only executable when the original offer collapses.
As an example the The Real Estate Council of BC has the following standard backup clause.
“Subject to the seller ceasing to be obligated in any way under the previously accepted Contract of Purchase and Sale on the subject property on or before (date). This condition is for the sole benefit of the seller.”
For help reviewing and amending offers, always consult a real estate professional such as a licensed REALTOR®. PG Direct Realty Ltd have REALTOR®’s available in to help you every step of the way in your home sale, call today to get in touch!
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