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Last Updated: Nov 14, 2024
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Cool Buyers - Hot MarketIn some regions across Canada, the real estate market has been steadily heating up. In these areas, sales representatives have more buyers than sellers, and multiple offer situations are becoming commonplace. It's called a seller's market, and it can be perilous for a buyer. The most common hazard for a buyer in a sellers market is to be in a multiple offer situation and get caught in a bidding war. With each round of counter offers, the price gets higher and the buyer has to decide between the possibility of overpaying for the property or losing it to another buyer. But there are other perils for the buyer in a seller's market, where the risk is not as clear cut. In order to make the offer more attractive to the seller, a buyer may be tempted to make an offer without any conditions. Conditions are included in an offer to ensure that the buyer is not bound to the Contract unless the buyer: What happens if the buyer chooses to forgo the use of these conditions? A buyer should consider the consequence of not being able to perform the task. For example - what if the offer is not conditional upon -
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