Here are a few tips to help Vancouver real estate buyers. The offer situation can be complicated, particularly when there is more than one offer bidding on a home.

Facts you should be awae of:

  • Seller's Realtor calls buyer's realtor and revokes the offer from seller to buy. However, the buyer's Realtor had already sent acceptance of the counter electronically
  • the courts have stated that revocation can be oral. If the intention to revoke is clear, and notice of revocation is given before acceptance of counter offer is communicated to seller, then the revocation is valid.
  • An offer, or counter offer, can be revoked at any time prior to acceptance. Though an offer can be revoked orally, it is critically important to have written evidence of the revocation, which is not effective until received by the person to whom the offer was made (or their Realtor)
  • The Electronics Transactions Act of BC states that an electronic communication is deemed to be received when it is sent. So what if you orally revoked and the Buyer's Realtor had already electroically sent acceptance? It seems the electronic acceptance would supersede the oral revocation. Both a Vancouver seller and buyer can revoke their offer or counter offer.
  • Buying or selling Vancouver real estate? Put Maggie Chandler's hyper-local experience to work for you! Call/text 604-328-0077
Read full post
Blogs
Posts By Date
Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.