8 Steps to Selling Property

7 Signing the Contract of Sale

Most often, it will be the buyer who makes the initial offer by signing contract documentation, which is then presented to the seller by the agent.

If the seller wants to make a counter offer and change the terms or offered price, the changes are made on this contract of sale, initialed by the seller and presented back to the buyer by the agent for further negotiation.

When both parties agree on the offered price and the terms of the offer, all parties must sign and initial any changes that have been made to the document and

KEY STEPS

There are key steps that must be taken to ensure a contract is legally binding on all parties including:

  • All initials and signatures of the buyer and seller are on the contract, and the contract is then dated; and
  • Acceptance has been relayed to all parties.

Agents should ensure that all parties to a contract receive a fully signed copy of the contract as soon as the above steps have been taken.

NEXT STEP

Now that you have a legally binding contract and the house is sold the last step is the Costs to Consider