What is it?
An offer is your proposal to the seller: “I will buy this home on these terms.” In Ontario an offer is made in writing, not by phone. When an agent presents an offer for a buyer, the law (TRESA) requires it to be in writing.
An offer is not a casual letter of interest. It is usually the standard Agreement of Purchase and Sale from the Ontario Real Estate Association (OREA Form 100 for a house, Form 101 for a resale condo), filled in and signed by the buyer. If the seller signs it within the time limit and sends it back, that same document becomes the binding contract for both sides.
An old law called the Statute of Frauds also says a contract to sell land must be in writing before a court will enforce it. A spoken promise is not enough to buy a home.
What goes in an offer?
These are the main items you fill in on the standard contract. Check the exact clause names and order in the document you sign.
| Item | What it means |
|---|---|
| Purchase price | The amount you are offering to pay |
| Deposit | The money you pay after acceptance to secure the deal. You state the amount and when it is paid (with the offer, after acceptance, and so on) |
| Irrevocable time | The deadline before which you cannot take the offer back. The seller must sign by then for a contract to form |
| Completion date | The closing day, when you pay the rest and the home becomes yours |
| Conditions | Financing, home inspection, status certificate review for a condo, and so on. If a condition is not met, the deal ends and the deposit is returned, as long as the clause says so |
| Chattels included and fixtures excluded | Movable items that come with the home (such as appliances) and attached items the seller will take (such as a chandelier) |
| Title search and requisition date | The date by which your lawyer checks ownership and can raise objections about title |
The standard form also has fixed wording about HST, insurance, the Family Law Act, electronic signatures and more. See “Agreement of Purchase and Sale” for the details.
Who prepares it?
Usually the buyer’s agent fills in the standard form with the buyer. The buyer decides the price, deposit, dates and conditions; the agent advises on the market and on protections. The agent must have a written buyer representation agreement in place before the buyer makes an offer.
A self-represented buyer (one with no agent) can also make an offer, but the seller’s agent does not work for them. In that case, have a lawyer review the document.
You can show an offer to your lawyer before you sign it. Unless you are in a time-pressured competing situation, that is a good idea.
Step by step
- The buyer sets the price, deposit, closing date and conditions, fills in the standard form and signs it, including the irrevocable time.
- The buyer’s agent delivers the offer to the listing agent (the seller’s side). The seller’s agent must pass a written offer to the seller as soon as possible; that is the law. The one exception is when the seller has given written direction not to look at offers until a set date.
- The seller does one of three things: accepts as written (signs), rejects, or changes some terms and sends it back (a sign-back, or counter-offer).
- To accept, the seller must sign and deliver the signed document to the buyer’s side before the irrevocable time runs out. After that time the offer is dead.
- Once the signed agreement is delivered, there is a contract. The buyer pays the deposit as the agreement says. The agent must deliver the deposit as the agreement requires.
- If the deal is conditional, the buyer fulfils or waives each condition within its deadline to make the deal firm. Then the lawyers prepare for closing.
What is a sign-back (counter-offer)?
If the seller changes the price or a date, signs and sends it back, that is a new offer. The original offer is gone, and now the buyer decides whether to accept within the new irrevocable time. The paper can go back and forth several times.
Each change is initialled by both sides. Whichever side made the last change, the other side must sign and return it within the time limit for a contract to form. See “Sign-back” for more.
What if there are competing offers?
When several buyers make offers on the same home, it is a multiple-offer situation. Ontario law requires the seller’s agent to tell every buyer who made a written offer how many offers there are. The content of the offers (such as price) can only be shared if the seller gives written direction, and a buyer’s personal information can never be shared.
In a competition it is tempting to drop conditions or raise your price. RECO (the Real Estate Council of Ontario) warns that pre-qualifying for a mortgage (getting a rough estimate of how much you could borrow) does not safely remove the need for a financing condition, and that skipping a home inspection is a significant risk. Decide your limit and your must-have conditions in advance, and stick to them.
Once accepted, it is legally binding
From the moment the seller signs and delivers the offer, it is a contract. You cannot cancel because you changed your mind. If you signed a firm deal with no conditions and do not close, you can lose your deposit and the seller may claim further losses. The actual outcome depends on the contract and the facts, so talk to a lawyer.
There is no legal cooling-off period for a resale house or a resale condo. Only a new condo bought from a developer has a 10-day cancellation right under the Condominium Act. So check everything before you sign the offer.
Example
A Richmond Hill townhouse is listed at $1,100,000. The buyer offers $1,080,000 with a $50,000 deposit (within 24 hours of acceptance), closing in 60 days, a 5-business-day financing condition and a 5-business-day home inspection condition, with the offer irrevocable until 9 p.m. the next day.
The seller changes the price to $1,095,000, signs and sends it back (a sign-back). The buyer signs at $1,095,000 within the new irrevocable time, and the contract forms when the signed agreement is delivered. The next day the buyer hands a bank draft for the deposit to the listing brokerage, gets mortgage approval and the inspection done within 5 business days, and signs a waiver to make the deal firm. The amounts and dates are only an illustration.
What the law and official sources say
Quotes are copied word for word. The "In plain words" lines are our explanation, not an official translation.
No registrant shall, (a) while acting on behalf of a purchaser, present an offer to purchase real estate except if the offer is in writing; (b) represent to any person that a written offer to purchase real estate exists except if the offer is in writing.In plain wordsAn agent acting for a buyer must present the offer in writing, and must never claim a written offer exists when it does not.
Source: ontario.ca/laws/statute/02r30 · checked Oct 30, 2026
No action shall be brought … to charge any person upon any contract or sale of lands, tenements or hereditaments, or any interest in or concerning them, unless the agreement upon which the action is brought, or some memorandum or note thereof is in writing and signed by the party to be charged therewith or some person thereunto lawfully authorized by the party.In plain wordsA contract to buy or sell land can only be enforced in court if there is a written document signed by the person being held to it (or their authorized agent). A spoken promise is not enough.
Source: ontario.ca/laws/statute/90s19 · checked Oct 30, 2026
A registrant shall convey any written offer received by the registrant to the registrant’s client as soon as possible after receiving the offer.In plain wordsAn agent must pass every written offer to their client (the seller) as soon as possible. The only exception is a written direction from the client (subsection 4 of the same section).
Source: ontario.ca/laws/regulation/050567 · checked Oct 30, 2026
If a brokerage that has entered into a representation agreement with a seller receives a competing written offer, the brokerage shall, (a) communicate the number of competing written offers to every person who is making one of the offers; and (b) if the seller directs, share the substance of the competing written offers with every person who is making one of the offers.In plain wordsWhen there are competing offers, the seller’s brokerage must tell every person who made an offer how many offers there are. The content of the offers is shared only if the seller directs it.
Source: ontario.ca/laws/regulation/050567 · checked Oct 30, 2026
Except as otherwise provided by law, if a registrant is representing a client in connection with a trade in real estate, and the client has entered into an agreement in connection with the trade that requires the registrant to deliver a deposit or documents, the registrant shall deliver the deposit or documents in accordance with the agreement.In plain wordsOnce the offer is accepted and there is an agreement, the agent must deliver the deposit and documents exactly as the agreement says.
Source: ontario.ca/laws/regulation/050567 · checked Oct 30, 2026
Make your offer as detailed as possible. Outline what will be included with the sale (for example, appliances and light fixtures) and be clear if certain renovations or repairs need to be completed prior to closing, based on the home inspection.In plain wordsRECO advises making your offer as detailed as possible: list what comes with the home, such as appliances and light fixtures, and spell out any repairs that must be done before closing.
Source: reco.on.ca/consumers/information-for-buyers/buyers-checklist/ · checked Oct 30, 2026
Common questions
Can I make an offer verbally?
No. When an agent presents an offer for a buyer, the law (TRESA s. 35.1) requires it to be in writing, and a contract to buy land can only be enforced if there is a signed written agreement (Statute of Frauds s. 4). A spoken offer does not even count as a competing offer.
If I make an offer, do I have to buy?
Making an offer is not yet a contract. The seller must sign and deliver it back within the irrevocable time. But until that time runs out, you cannot take the offer back. After acceptance, you can only end the deal through a condition, within its deadline.
When do I pay the deposit?
As written in the offer: with the offer, within a set time after acceptance, or on a date you choose. See “Deposit” for common practice and deadlines, and always check the exact deadline in the agreement you sign.
Can the seller tell me what other buyers offered?
Only if the seller gives written direction can the agent share all or part of the content of other offers. Without that direction you only learn the number of offers. Personal information such as another buyer’s name can never be shared.
Can I cancel after my offer is accepted?
There is no legal cooling-off period for a resale house or condo. With a conditional deal you can end the agreement within the condition deadline if a condition is not met. If the deal is firm and you simply walk away, you can lose the deposit and be asked to pay damages. Only a new condo bought from a developer has a 10-day cancellation right.
Do I need a lawyer before I write an offer?
It is not required, but it is a good idea. A lawyer can check the condition wording, the included items and the closing date, which are common sources of disputes. In Ontario a lawyer handles the closing itself.
Guides that use this term
Sources checked
- Trust in Real Estate Services Act, 2002, s. 35.1 (e-Laws) · checked Oct 30, 2026
- O. Reg. 567/05: General, ss. 13.6, 22.7, 22.10, 22.11 (TRESA regulation) · checked Oct 30, 2026
- Statute of Frauds, R.S.O. 1990, c. S.19, s. 4 (e-Laws) · checked Oct 30, 2026
- RECO, Buyer’s checklist · checked Oct 30, 2026
- RECO, Competing offers (for buyers) · checked Oct 30, 2026
- RECO Bulletin 4.1, Number and content of competing offers · checked Oct 30, 2026
- Government of Ontario, What to know before buying a home (no cooling-off period for resale condos) · checked Oct 30, 2026
- Law Society of Ontario, The Annotated Residential Agreement of Purchase and Sale 2021 (table of contents naming OREA Form 100 and Form 101) · checked Oct 30, 2026