Accepting an offer
The Price Is Not Always Right
A common misconception in real estate is that the highest price automatically makes the best offer. In reality, this is not always true.
In Ontario, an offer is more than just a number—it includes important terms and conditions that can significantly impact the final outcome. These may include financing, home inspection conditions, closing dates, and other contractual terms.
Often, the initial offer is only the starting point of negotiations. A higher price with weak conditions may be less favourable than a slightly lower offer with stronger terms and fewer risks.
Your REALTOR® will help you evaluate every offer objectively, ensuring your decisions align with both your financial goals and risk tolerance.
Negotiating the Right Way
Negotiation is one of the most important parts of the selling process.
Your REALTOR® is committed to ethical, professional negotiation with the goal of achieving a fair and mutually beneficial agreement for both buyer and seller.
In many cases, you may receive multiple offers. Each offer must be carefully reviewed based on:
- Price
- Conditions (financing, inspection, etc.)
- Deposit amount
- Closing timeline
- Buyer qualifications
Your agent will provide a clear breakdown of each offer so you can make an informed decision with confidence.
The Agreement and Deposit
In Ontario, the sale of a property is formalized through an Agreement of Purchase and Sale (APS)—a legally binding contract between the buyer and seller.
Once an offer is accepted:
- The buyer provides a deposit, typically held in trust by the listing brokerage (not an escrow account, as commonly used in other jurisdictions)
- The deposit forms part of the purchase price
- The agreement may include conditions that must be met before the sale becomes firm
Key Tips to Keep the Process Smooth
Keep Everything in Writing
All terms, counter-offers, and amendments must be documented in writing and signed by both parties.
Your REALTOR® will:
- Prepare and review all documents
- Ensure accuracy and compliance
- Provide you with copies of all signed agreements
Stick to the Timeline
Every Agreement of Purchase and Sale includes strict deadlines for conditions such as:
- Financing approval
- Home inspection
- Conditionally waived terms
Meeting these deadlines is critical. Missing them can result in the agreement becoming null or placing either party in breach of contract.
Your REALTOR® will monitor all key dates and keep you informed throughout the process so nothing is missed.
Throughout the entire transaction, you can expect consistent communication, professional guidance, and full support to ensure a smooth and successful sale in the Ontario market.