Canada Immobilier: “Is it legal to sell above the advertised price?”
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"Is it legal to sell above the advertised price, for example for auctions?"
The response from Laurent Lamielle, lawyer at PAP.fr.
No. In theory, it is not possible to sell at a price higher than the advertised price. “The individual who sells his home is bound by the price he displays. If the objective is to put people in competition to raise the price, it must turn from the start to auctions supervised by notaries, a very specific mode of sale, ”says Laurent Lamielle, lawyer at PAP. Fr.
In practice, it's more nuanced… Sometimes a seller is wrong about the price. He usually becomes aware of this by very quickly receiving a multitude of offers at the price. "In this case, we understand that he can increase the price displayed when he has not accepted any offer," continues the expert. The ideal is to set the right price from the start by carrying out a serious evaluation upstream. "
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" Buyers are not looking to fight "
Although this is rare, it happens that in very tight markets, buyers" fight "and outbid. If the sale is finally concluded at a higher price, there is nothing to call it into question for this reason. Please note: if the seller has accepted an offer and refuses it because he is offered more, the aggrieved buyer can turn against the owner and ask for either a forced sale or compensation. "It is extremely rare because often buyers do not try to fight," puts Laurent Lamielle into perspective.
Finally, the seller who refuses a price offer is not necessarily increasing the price. "The seller surely chooses the best case, with a more solid financing plan," he concludes.
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