The highest offer on your Ottawa home may be the best one, but the number alone does not tell you what the deal is worth. Conditions, the deposit, the closing date and less obvious clauses can all affect your proceeds or your ability to move on schedule.
Start by Comparing the Net Amount
The purchase price is the obvious starting point, but it may not be the amount you ultimately keep. Review any requested credits, adjustments or items the buyer expects to remain with the property.
For example, one buyer may offer more but ask for expensive patio furniture, appliances or a credit at closing. Another may offer slightly less without those requests. Comparing the offers side by side makes the real financial difference clearer.
If an unusual clause could affect your proceeds or create an obligation after closing, ask your real estate agent to explain it and have your lawyer review it when appropriate.
Review Every Condition and Its Deadline
Conditions give a buyer time to satisfy a requirement before the transaction becomes firm. Common examples in Ottawa include financing, a home inspection, condominium-document review and the sale of the buyer’s current property.
Do not judge a condition by its name alone. Look at:
- How long the buyer has to satisfy it
- Whether the wording is objective or gives the buyer broad discretion
- What happens if the condition is not fulfilled
- How the conditional period affects your ability to consider another buyer
An offer with no conditions may appear more certain, but it still does not guarantee that the buyer will close. Likewise, a short, clearly written condition from a well-prepared buyer may be reasonable. The point is to understand the specific risk instead of simply counting conditions.
Look Closely at the Deposit
Review the deposit amount, when it must be delivered and how it will be held. A meaningful deposit can provide the seller with additional security under the agreement, but it is not proof that the buyer has strong finances and it does not prevent a failed closing.
If a buyer does not complete a firm purchase, the seller does not necessarily receive the deposit automatically. Disputes over a deposit can require agreement between the parties or legal proceedings. Your lawyer should advise you about your rights in that situation.
Make Sure the Closing Date Works
A date that lines up with your new home may help you avoid temporary accommodation, storage costs or bridge financing. A higher offer with an awkward date could create expenses that narrow the difference between the offers.
Think beyond your preferred day. Confirm whether your lawyer is available, consider holidays and bank schedules, and leave enough time to complete anything you agreed to do before closing.
If a buyer asks to move in before closing or wants you to remain after ownership changes, do not treat it as a casual scheduling favour. Early-occupancy and post-closing arrangements can create legal, insurance and liability issues and should be reviewed by your lawyer.
Check the Details That Are Easy to Miss
Some terms receive less attention than price and conditions but can still change the deal. Review:
- The irrevocable time, which is the deadline by which you must accept the offer
- Fixtures and chattels the buyer expects to be included
- Items you intend to remove or exclude
- Additional representations or warranties about the property
- Requests for visits before closing
- Rental equipment and contracts the buyer expects to assume
If two offers are financially close, these details may provide a clear reason to prefer one over the other.
Decide How Offers Will Be Handled Before They Arrive
If your listing attracts competing offers, your agent must tell each person making an offer how many written offers have been received. Ontario sellers may also direct their agent in writing to share selected details from the offers. If you choose that option, the same information must be shared with every competing buyer, and identifying information must remain confidential. RECO: Number and content of competing offers
Discuss the process with your agent before the offer deadline. Decide whether you are willing to accept an offer immediately, whether buyers may improve their offers and which terms matter most to you. RECO confirms that Ontario agents can advise sellers on competing offers and negotiate for their preferred price and terms. RECO: Working with a real estate agent
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