We have shopped around and found a home you fell in love with. We wrote an offer on it and the offer is now accepted. So...what happens now?
Well, once the Seller agrees to your offer, you are then "Under Contract". But, we still have a lot to do to ensure a successful closing. These steps will have strict deadline dates. You must complete them properly and on time. If not, it could cause you to lose your deposit and the sale. We will outline and discuss some of the steps to expect.
During the next 7-10 days, you will have several conditions to meet to consider the home "SOLD". Your Real Estate Professional will assist you in meeting the following conditions:
- Financing - The mortgage company will receive a copy of the offer. They will review it and confirm with a letter stating if they will provide financing for the home.
- PDS (Property Disclosure Statement) - The owner fills out this form. It outlines the conditions of the home. You will have time to review and sign it. Each party requires a signed copy.
- Plot Plan - The Seller will provide this if one is available.
- Home Inspection - Home inspections identify any structural, electrical and/or mechanical problems. A home inspection is highly recommended as it can identify property defects.
- Insurance - Contact your insurance company to confirm they will insure your home. They will provide a letter of confirmation to your real estate professional.
- Heating & Electric Costs - The Seller will provide statements of heating and electrical costs for your review.
- Deposit Cheque - You have the option of writing a certified cheque, money order, E-transfer or a personal cheque. You will make the cheque out to the listing realty company "In Trust".
- Water Test & Septic Sewer System - These tests are done if you are on a drilled or a dug well and septic system.
Once you meet the conditions, the deal has become "FIRM". Congratulations! You just purchased a home now you can plan your move. This would include such things as:
- Calling Water, Fuel, Phone, Power and Cable companies
- Health Care - Doctors, Dentists, Optometrist etc.
- Financial Services - Banks, Accountant, Credit Cards, Insurance, Lawyer etc.
- Government Offices - Federal & Provincial Revenue Agencies, Driver's License, Health Card, Library etc.
You may also want to book a moving truck, if necessary, and begin packing.
There you have it, what happens when you have an accepted offer. There are many steps in the home buying process. But no need to worry, your real estate professional will be with you every step of the way.
Thanks for checking in! Until next time...Keep it "REAL"!