As the vendor, when you receive an Offer to Purchase you must respond within the specified time period in order to keep the offer alive. You have three options. You can:

-accept the offer as is
-submit a counter-offer
-reject the offer entirely

If the buyer has made a serious offer, most vendors usually try to negotiate the terms by submitting a counter-offer.

In your counter-offer, you can propose a new asking price, a different closing date, or the inclusion or exclusion of chattels are fixtures that may or may not have been listed in the original offer.

Like the buyer's offer to purchase, you'll also stipulated an expiry time and date.

Presented by your real estate agent on your behalf, your buyer has the same options - to except your counter-offer, to submit his or her own counter-offer, or to reject it entirely and walk away.

Both you and your buyer can submit as many counter-offers as you wish until agreement is reached or one party chooses to end the negotiations.