Why real estate contracts must be properly accepted

If you don’t make sure an offer is properly accepted, it can cost you a lot of money.

Sign on the dotted line, and make sure the other side gets a copy.

Sign on the dotted line, and make sure the other side gets a copy.

Real estate contracts must be properly signed and accepted. This applies when offers are transmitted via email communication as well. Careless errors or omissions can cause a contract to be cancelled.

Here’s an example of why.

On Sept. 22, 2011, Ian and Anita Pilon put in an offer to buy a home Page Place in Kitchener, from Adrian and Florica Rosu for $400,000. They asked for a closing date of November 16, 2011. This offer was not accepted.

The Rosus changed the price from $400,000 to $420,000 on the front page of the offer. They also changed the closing date to December 16, 2011 because they had a tenant who would not leave before that date. Their real estate agent, Ninoslav Orasanin, then scanned the offer and sent it by email to the buyer’s real estate agent, Clifton van Dincten, on September 23, 2011. However, the counteroffer was missing the actual signing page, so there was no signature of the seller included in the offer that was transmitted.

 

Source: thestar.com

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