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