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This question is regarding real estate and a back up offer.

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Hello, this question is regarding...
Hello, this question is regarding real estate and a back up offer. I am currently in British Columbia. Me and my fiancée put in a back up offer on a place this past week. We were notified by our real estate agent that the "conditional" offer is to remove all their subjects on or before August 29th. Our back up offer was accepted on the 24th. We couldn't get an answer all day today to find out if the house had been sold. Finally my realtor tells me that the other two realtors who are dealing with the conditional offer have told him that the owner decided to extend the first offer until tomorrow August 31. Is this legal? I was under the certain impression that our accepted offer would take place after midnight of Aug 29th. Can a conditional offer on a home be extended by the seller if there is a back up offer in place???
Submitted: 2 years ago.Category: Canada Law
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Answered in 2 hours by:
8/31/2015
Lawyer: Tom B., Barrister & Solicitor replied 2 years ago
Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
Satisfied Customers: 2,415
Experience: 25 years in practice
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Your back up offer was ACCEPTED??

Did you get written acceptance?

Tom

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Customer reply replied 2 years ago
back up offer was accepted and it was verbally told to us by the realtor that it was accepted a day after we signed it.
Lawyer: Tom B., Barrister & Solicitor replied 2 years ago

The concept of a back up offer is that the vendor can choose between one or the other. The conditional offer had just that...conditions. If the vendor accepted that first offer with the conditions then the vendor must wait until those conditions are removed and then the vendor is free to move on to another offer.

But what you are telling me is that you made an offer and it was accepted.

The basics of contract law are offer, acceptance and consideration. The latter means that some deposit or promise thereof was made to back up the offer. If you have an acceptance, the vendor has a big problem if he/she accepted two offers.

The real estate agents must be scrambling because they could be in trouble as well.

Having said that, if your offer was accepted subject to the conditional offer failing, then you remain in second place and the conditional offer prevails. It is all about the wording of each contract which of course I cannot see.

Your agent should be very concerned and should share all information. If your offer was accepted with no conditions, trouble is just around the corner because you have a law suit against the vendor and your agent.

You should ask your agent for all paperwork including the acceptance and take such to your own lawyer if you wish to proceed further.

Tom

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Customer reply replied 2 years ago
Well all I know is that we were told the first offer had until August 29th to remove all subjects and if they didn't we should be in (prior to that it was a miscommunication between the realtors -ours and the other buyers that 27th was the date then later we found from the person who listed it that it was the 29th. We wouldn't get answer on it unless we kept on calling and bugging them. I have no idea what the other offer indicated beside that it was conditional and it has no escape clause if we offered a higher price. But we were just being promised lies to wait it out and finally today the other two realtors were not reachable by ours to get some answers. When he finally did get a hold of the two they stated that the person who is on the initial offer has to get a proof of employment letter and remove that subject and needed the extra two days..anyway I know it's all a big lie and a cover up because there's no suck thing as a proof of employment in subjects of real estate paperwork on an offer. Sounds to me as if she can't get her finances right more like it. But our realtor did tell us that seller can extend a conditional offer regardless the back up offer that's been accepted after numerous times he told us they have till such and such date and they can't surpass it. Secondly, this all started with the original realtor who had this place listed I contacted him first as soon as place was up for sale. He's a father in law to buyer who is located several hours away and was suggesting that I should deal with him directly so that the owner doesn't have to pay commission as they're family and that would give me a better chance at a lower offer than the listing price. He proceeded to send me the offer documents and I told him as a first time homebuyer I need help with the paperwork and he agreed. Literally after a few days I emailed him asking a question about the property to which he replies "sorry someone else has put an offer in and the place is sold" I called him and asked im why he didn't let me know he didn't have much of an answer but suggested another local realtor as a recommendation to help me find another place. Later I find the recommended realtor was the one who had a listing that his daughter in law was trying to get and they did some swaps. She brought the clientele to the house I was trying to put an offer on to put it on before me so that the owner would end up getting a deal getting her listing she was interested in. So we went out and got our own realtor and signed a back up contract we were promised the due date for the first offer to be aug 29th if the other party didn't remove all subjects and/or backed out. Then they proceeded to play this game today and ignoring us. We signed an offer stating that we had until sept 10th to remove the subjects with some money to be deposited within the 24hrs of acceptance in case the first offer collapsed. I will seek further advice and contact the RECBC tomorrow as it states on their site that back up offers come in to olace if the first offer doesn't meet the criteria by the date agreed. Thank you for your time!
Customer reply replied 2 years ago
what do you mean If my offer was accepted with no conditions? Can you give me an example of what that would be? And where I can look that up on the paperwork?
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