In a high-demand area in the present Toronto market, it is in the interests of both buyer and seller to arrange a private sale.
Consider this: Do buyers really want a 5% commission, staging fees, and a bidding war factored into their purchase price? So we, as the sellers, decided to market the property ourselves.
The typical arrangement for a private sale is to establish fair market value and split the savings of the typical real-estate commission between buyer and seller.
To make an offer, the buyer would use the standard offer-to-purchase form to craft their written offer based on the pre-agreed terms of purchase as discussed with the seller. The price, closing date, inclusion or exclusion of furniture and appliances can all be determined by open discussion ahead of time.
The buyer may have their lawyer help to draft and review the offer. The offer is then delivered to the seller with a 10% deposit by certified cheque or bank draft made out to the seller’s lawyer in trust.
As the closing date approaches, the lawyers for the buyer and seller will arrange all the legal and financial aspects of the sale and transfer as they do with any real-estate transaction.