In Toronto, it’s very common for a seller to underprice their home in hopes of soliciting multiple offers, thereby driving up the final purchase price. Sometimes, the “offer date” passes and the sellers do not receive any offers. And the very next day, someone will present a full price on the underpriced home.
This is just one scenario where I’m asked if the seller is obligated to accept a full price offer. Here’s Bosley Real Estate’s legal counsel, Bill Johnston, to answer that question: