Steps in a typical offer presentation

Last week’s blog featured some guidelines on how to make effective offer presentations. This week’s blog features steps involved in a ‘typical’ presentation, covered in the Real Estate Transaction–General course.

The steps that follow are illustrated for general instructional purposes only. Circumstances and local procedures will vary.

Scenario

Salesperson Lee, of ABC Realty Inc., lists Gordon and Nancy McGill’s property for sale. Salesperson Martin, of XYZ Realty Inc., represents James and Eleanor Reddick, who want to buy the property.

Steps

1. Salesperson Martin (representing the buyers) informs Salesperson Lee (representing the sellers) that he has an offer. No details are provided.
2. Salesperson Lee contacts the McGills to arrange a convenient date, time, and location to discuss the offer (typically at the sellers’ home).
3. Salesperson Lee contacts Salesperson Martin to confirm the date, time, and location of meeting.
4. Salesperson Lee presents the offer to the McGills. The McGills may elect to make a decision in the presence of both salespeople or request a private consultation with Lee.
5. Assuming the offer is acceptable, the McGills sign and date their signature. Either of the sellers then signs the Confirmation of Acceptance.
6. The McGills complete and sign their portion of the Acknowledgment. Salespersons Lee and Martin sign the Commission Trust Agreement, and complete the Information on Brokerage(s) Section. Signed copies are distributed to the McGills. The Information on Brokerage(s) Section is typically completed by the co-operating brokerage when the APS is originally created (before the buyer signs the offer).
7. Salesperson Martin takes the balance of the signed offers to communicate acceptance to the buyers, distribute copies, complete the buyer’s portion of the Acknowledgment (listing brokerage’s copy), which the Reddicks then sign.
8. Salesperson Martin retains a copy for XYZ Realty Ltd., and delivers the listing brokerage’s copy (with fully completed Acknowledgment), to Salesperson Lee (of ABC Realty Inc.). Signed copies are also forwarded to the lawyers as a matter of accepted business practice.

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