22. Accepting an offer on a property

Accepting an offer on a property refers to the seller agreeing to sell their property to a prospective buyer at the offered price and under the specified terms and conditions. It marks an important milestone in the property selling process and initiates the legal and financial procedures leading to the completion of the sale. 

How does it work? 

• Offer submission: Prospective buyers submit offers to purchase a property through their estate agents or directly to the seller. Offers typically include the proposed purchase price, any conditions or contingencies, and the desired timeline for completion. 
• Consideration: The seller reviews the offers received and considers various factors, including the offered price, the buyer's financial position, and any conditions attached to the offer, such as mortgage approval or property inspections. 
• Acceptance: If the seller finds an offer acceptable, they formally accept it, indicating their agreement to sell the property to the buyer at the offered price and terms. Acceptance can be communicated verbally or in writing, although it is advisable to have a written record for clarity and legal purposes. 
• Agreed sale price: Once the offer is accepted, the agreed sale price becomes the basis for the sale transaction. It forms the foundation for drafting the sales contract and determines the financial terms of the sale, including the deposit amount, mortgage requirements, and final payment at completion. 

Agreed sale price 

The agreed sale price is the mutually agreed-upon price at which a seller agrees to sell their property to a buyer. It represents the financial terms of the property sale and is reached through negotiation between the seller and the prospective buyer. 

• Negotiation: The buyer submits an initial offer to purchase the property, often below the asking price. The seller may counter the offer with a higher price or different terms, initiating a negotiation process. 
• Counteroffers: The negotiation process continues until both parties reach a consensus on the sale price and terms. This may involve multiple counteroffers and revisions to the initial offers until a mutually acceptable agreement is reached. 
• Acceptance: Once the seller accepts the buyer's offer at a specific price, the agreed sale price is established, and the property sale proceeds to the next stage of the transaction process.