A seller receives two offers on the same property. The first offer is conditional on financing, and the second is unconditional but for a lower price. What is the seller's best legal option?
Correct Answer
C) Evaluate both offers based on their individual merits and risk tolerance
The seller should consider all aspects of each offer including price, conditions, closing dates, and their own risk tolerance. Both conditional and unconditional offers have advantages and disadvantages that should be weighed carefully with professional advice.
Why This Is the Correct Answer
Option C is correct because it reflects the seller's legal right to evaluate offers based on their individual circumstances and preferences. Under TRESA and provincial regulations, sellers must be presented with all offers and have the autonomy to weigh factors like price, conditions, closing dates, and their risk tolerance. There's no legal requirement to automatically choose the highest price or most secure offer - the decision must align with the seller's specific needs and situation, made with proper professional guidance.
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A seller receives two offers on the same day with identical terms except for closing dates. Under common law contract principles, what should the seller's agent advise?
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