Did you say you wanted to put in two separate offers simlutaneously at two properties?

I once showed several properties to a First Time Buyer couple, 2 of which they liked very much.Property A had a hold back date and Property B was accepting offers anytime. With the competitve market, they don't want to take any chances of losing both properties. The couple wanted to place an offer at both properties at the same time, betting on the fact they will hear back from Property A first, and should their offer be rejected, they will still have a chance of conditionally getting Property B during sign-back with a 24 hours irrevocable.

Buyers have to understand that under Contract Law, signing any purchase document should be taken very seriously. Just because the purchaser have not heard back from one vendor, doesn't mean they can continue to make offers at other properties.

I explained to them that should Vendor A accept their bidding offer, and Vendor B decides to sign-back ahead of time with their listing agent before the 24 hour irrevocable time, by contractual agreement, the Purchasers would have two bilateral legal and binding contract even if Vendor B hasn't sent back the offer for their acknowledgement. Their response was they will just not submit a deposit at Property B, or move forward with a home inspection contingency.

Purchasers should understand what they are signing with a written offer. It is a contract, and should be taken very seriously.

Anne Lok is a Realtor with Homelife/ Realty One Ltd. Toronto. She understands architecture, design, resource-efficiency, sustainable design for healthier environments, comfort and value for modern living. Her services are not only limited to design conscious homes, she also has expertise in helping you source and market all aspects of conventional properties that suit your individual needs in Toronto's hip, vibrant and socially responsible communities.

 Pls goto website http://www.urburbia.ca/ or http://annelok.com to check out Anne's marketing, special services, and sale/purchase/retrofit services for new and resale homes, and green properties in Toronto.