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You've done the work. Your home is prepped, photographed, and listed. Showings are happening. And then — an offer comes in. If you've never sold a home before (or even if you have), that moment can feel a little like a pop quiz you didn't know was coming.
What do you do now? What does the paperwork actually mean? And what are your options?
Let's walk through it.
What's Inside a Purchase Offer?
A real estate offer — officially called a Contract of Purchase and Sale or Agreement of Purchase and Sale depending on your province — is a legally binding document. It's not just a number. When you receive an offer, here's what to look at:
Purchase price: The buyer's proposed price for your home.
Deposit amount: The good-faith funds the buyer puts forward, usually due within 24-48 hours of acceptance. A stronger deposit signals a more committed buyer.
Conditions: These are contingencies the buyer needs to satisfy before the deal is firm. Common conditions include financing approval and a satisfactory home inspection. Each has a deadline.
Inclusions and exclusions: What stays with the home and what goes. Appliances, fixtures, window coverings — these need to be clearly spelled out.
Completion date: The date the sale legally closes and ownership transfers.
Possession date: The date you're required to vacate (which may or may not be the same as completion).
Offer expiry: Offers come with an expiry time. You typically have hours — not days — to respond.
Your Three Options
When an offer lands in front of you, you have three choices:
1. Accept it as written. If the price and terms work for you, you sign and the deal begins moving forward. Simple.
2. Sign it back (counter-offer). This is where negotiation happens. You can change the price, the completion date, the conditions, the inclusions — anything you're not happy with. The offer then goes back to the buyer, who can accept your changes, sign back again, or walk away.
3. Reject it. You're not obligated to respond to any offer. If an offer is significantly off the mark and you don't want to engage, you can decline.
What Makes an Offer "Strong"?
Price matters — but it's not the only thing. A strong offer is clean, realistic, and certain. Things that make an offer more attractive to a seller:
A price that reflects market value (or exceeds it)
A meaningful deposit
Fewer or shorter conditions
A completion date that works with your timeline
Clear, reasonable inclusions and exclusions
An offer slightly below asking with a quick close, strong deposit, and no conditions is often more valuable than a higher-priced offer with a long condition period and a shaky financing situation.
Multiple Offers: How It Works
In a competitive market, your home may attract more than one offer at the same time. This is called a multiple offer situation, and it changes the dynamic significantly.
In a multiple offer scenario, you as the seller generally have the option to ask all buyers to submit their "best and final" offer by a certain time. You're not required to tell buyers what the other offers look like. You review all offers and choose the one that works best for you — whether that's the highest price, the cleanest terms, or some combination of both.
Your realtor will guide you through this process and make sure you're making an informed decision, not an emotional one.
When Does a Deal Become Firm?
If there are conditions on the offer, the deal is not yet firm — it's conditional. During the condition period, the buyer is working to satisfy their conditions (arranging financing, completing their inspection). If the conditions are satisfied, the buyer waives them and the deal becomes firm. If the conditions are not met, the buyer can typically walk away and get their deposit back.
Once all conditions are waived and the deal is firm, you're on your way to closing.
Questions about what to expect when offers come in? I walk every seller through this process before we list, so nothing feels like a surprise. — Cassie Schellenberg, Personal Real Estate Corporation
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