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Real estate transactions: SOP offers becoming rare in flat market

It seems conditional on sale of property (SOP) offers are becoming passé. More homeowners in Canada are waiting to sell their listed properties before making an offer on another. Much of this can be pinned on a slow-moving market across the country in which fewer real estate transactions are taking place. Sales across larger urban centres in Canada have continued to plummet -- down nearly 2% from last year.

The snail's pace market is keeping properties listed for longer amounts of time and making sellers more cautious about tying up other homes before theirs sell. Some vendors are still expecting their homes to sell over the asking price regardless of market conditions. In fact, some experts are saying vendors should be prepared to accept offers below asking price.

Gone are the days, too, when spring market conditions usually mean it's time to put a house on the market. Most people believe they may get a better price for their home if they list in the spring, but that's no longer the case. It's true many people begin to house hunt between March and June, but it doesn't mean a seller will get a better price in these market conditions. A seller might get a premium price for his or her home listing in the fall when there may not be as many homes on the market.

Whether buying or selling property in Canada, a lawyer who has experience with real estate transactions may be able to offer prudent advice to a client when it comes to offers -- whether they be conditional or cash offers. A lawyer plays a pivotal role in real estate deals. He or she will always act in the best interests of a client from reviewing offers to taking care of closing details.

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