By: Joshua Campbell
Your Offer Has Been Accepted, What Happens Next?
Tags: knowledge broker, knowledge broker real estate, toronto real estate, newmarket real estate, new homes, new condos, more space, newmarket homes for sale, closing process, real estate closing process, real estate blog,
After spending weeks looking for a house, you’ve found your dream home. You’ve done all the work and you’ve put in an offer. You have waited eagerly by the phone for your real estate agent to call. They finally do and tell you your offer has been accepted. You hang up, you pop the champagne, and you call your friends and family to tell them the good news. But then you think to yourself, what happens next?
To prove to the seller that you as the buyer are financially committed and capable of buying the home, you will offer a certain amount of money. The deposit amount would have been specified in your offer. Once an offer has been accepted you must submit the deposit within 24 hours. The money is typically transferred to the listing brokerage and will go towards the down payment of the home when the deal closes.
- You Provide The Seller With A Deposit
In your offer, you should outline any conditions you have regarding buying the house. For example, if your condition says you would like to conduct a final home inspection the sale is then marked as “conditional”. Once the home inspection is completed and all parties are notified can the sale become firm.
- Conditions Must Be Met
Hopefully, by this point, you have been pre-approved for a mortgage. If that is the case, this is the time when your bank will want the property appraised. This appraisal will verify the home's current market value and give the bank a better idea of how big a loan the buyer can be approved for.
- The Home Is Appraised
The next step is to ensure the sellers are legally allowed to sell the house and to find out if there are any existing liens against the property. Your real estate lawyer will conduct the search and if there are any problems, the sellers will need to resolve them before the title can be transferred.
- Your Real Estate Lawyer Will Run A Title Search
A final walkthrough should be negotiated in your initial offer. At this time, you will be allowed to do a final walkthrough to ensure the house is in the same or repaired condition as it was meant to be when your offer was made. This is a great time to show a few members of your family the property. It will also give you the opportunity to ensure the items that were a part of the sale agreement remained (ex. fridges, stoves and other appliances) and any unwanted items have been removed.
- Do A Final Walk-Through
- You Sign The Final Paperwork
Once you’ve gone through the above steps you will meet with your lawyer and the seller will meet with theirs to sign the final paperwork. After that, the deal is closed. You will be given the keys to your new home and can begin this exciting new chapter.
At Knowledge Broker, our goal is to create an open-source of information for all our clients. We want to ensure that, at the end of the day, they get exactly what they want and what they need. If you know someone who could use our help or services please put them in touch with us or send us their details using the contact information below. And before you go, click here to take the Knowledge Broker Quiz and see exactly what we can do for you!
JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8