Understanding offers in Ontario: conditions, deposits and multiple offers
An offer is more than a price. Compare the whole package.
Parts of an offer
- Price
- Deposit: usually paid within 24 hours of acceptance and held in trust.
- Conditions: financing, inspection, status certificate review (condos), sale of the buyer's home.
- Closing date
- Irrevocable date and time: how long the offer stays open.
- Inclusions and exclusions: appliances, light fixtures, window coverings.
Comparing offers
A slightly lower firm offer with a large deposit can be stronger than a higher conditional one. Look at the buyer's certainty to close.
Your responses
- Accept as written
- Sign back with changes (price, date, conditions)
- Decline
Multiple offers
Your agent tells every buyer how many offers have been registered. Under Ontario's TRESA rules, a seller may also choose to disclose the contents of competing offers. Your agent explains the strategy.
After acceptance
Conditions have deadlines. When they are waived, the deal is firm.
Book a call with Dinesh before you list.
What does this mean for you?
Book a free 15-minute call and Dinesh will walk you through how it affects your plans.
