A seller receives two competing offers on the same day. The first offer has no conditions, and the second offer is conditional on financing and home inspection. How should the seller's agent advise them to proceed?
Correct Answer
A) Consider all terms including price, conditions, and closing dates before deciding
The seller's agent should advise considering all aspects of each offer, including purchase price, deposit amount, closing date, and conditions, not just whether conditions exist. While unconditional offers provide more certainty, a conditional offer with a significantly higher price or better terms might be more advantageous overall, depending on the seller's priorities and market conditions.
Why This Is the Correct Answer
Option A correctly reflects the agent's fiduciary duty under TRESA and provincial regulations to provide comprehensive advice. Real estate professionals must analyze all offer terms including price, conditions, closing dates, and deposits to help sellers make informed decisions. The agent should present both offers with detailed analysis of risks and benefits, allowing the seller to choose based on their priorities and circumstances rather than making assumptions about which offer is superior.
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A seller receives three offers on the same day. The first is open until 6 p.m., the second until 8 p.m., and the third until 10 p.m. At 7 p.m. the seller signs the second offer and returns it to that buyer. What is the legal position at 7:30 p.m.?
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