« The buyer insisted on lower prices and wanted a change. Sometimes it`s about telling the buyer, « You need to be more realistic here. » Buyers sometimes consider it their right to come back with a change, while sellers are surprised to be asked to renegotiate. « Monett also saw changes that were used if another document had been more appropriate. » From time to time, buyers` representatives create a change if a notice of performance or waiver was the best tool. « If my buyers want to revisit something really small, I try to coach them to ask them if it`s the right thing to do. I hate that they go back to the seller to renegotiate an agreed offer on a small problem. On the other hand, I also coach my salespeople, that they have the right to refuse this change. A few years ago, he remembers an offer with a deadline agreed by both parties, but no one realized that it coincided with a new legal holiday. « The buyer`s representative called me back to say that the bank would be closed on Monday. I thought he would do it fast until I checked in. This was the first year of Family Day celebration in Ontario. We used a change to change the closure to Tuesday. Sometimes the bank just needs more time to get its paperwork in order, Monett says. « Nevertheless, this is where the transaction can disintegrate.
This extension must be pleasant for both parties, and a change often goes around. However, she also saw changes that were used in transactions if another document had been more appropriate. As latecomers of the transaction, a change is proposed after an offer has been accepted and there is already a valid and enforceable purchase and sale agreement (SPG). When a change is submitted, part of the agreement wants to change the original activity – technically, this is an offer to change. It is also very important to set the irrevocable deadline in a modification offer, especially when the modification offer is made within the conditional period and when the proposed modification concerns the conditions. A modification – a modification of one or more terms in an agreement – is a tool that is often used in real estate. A change is not always a simple solution. Customers should be advised that they should be careful in the event of a change. In some cases, this measure may be considered a « reopening of the business », especially if it is not accompanied by well-worded irrevocable provisions, and the other party may then be able to treat the original GSP as completed. For example, an inspection may reveal problems with the quality of well water in a cabin….