Once a buyer is found, you’ll receive an offer that will:
- Detail the buyer’s price
- Specify any conditions that may apply or be attached
- State desired date of possession
- The date the offer expires
As an act of good faith, the buyer will make a deposit with the offer. You don’t have to accept the offer as is. You may wish to make a counter offer that meets the original offer partway. The counter offer is one more step along the way to negotiating the final terms and conditions of the sale.
The offer, once signed by everyone, is a binding contract. Make sure you understand and agree to all of the terms in the document.
Before signing, you may want your lawyer to review it. Your lawyer should also ensure that you receive compensation for prepaid expenses such as, property taxes, electrical or gas bills, or if applicable, any heating oil left in your tank. After these are paid, you will receive any money you have coming from the sale.