We Have An Offer - Now What?!

We have an accepted offer! This is when the clock starts ticking...

Phase 1: Offer & Acceptance

Offer & Acceptance (or Counter Offer & Acceptance) is now completed.

Phase 2: Due Diligence

Time is of the Essence.... This is the time that the buyer has available to accomplish their due diligence, financing, inspections, insurance, etc. It's normally 10 days, weekends included. We can always ask for more time, but it does not mean that the Sellers have to grant it!

2.1 Approvals & Reviews

The buyer has to get the documents to the Professionals that they have selected -Mortgage, Lawyer, Insurance, etc.

2.2 Legal Review-Mortgage Approval

Legal Review of the Purchase & Sales Agreement by their lawyer to ensure the buyers and the sellers are legally protected.

2.3 Mortgage Approval

The buyer's agent will have forwarded the Agreement of Purchase and Sale to their mortgage contact, who will review and submit to the mortgage lender for approval if financing is required for the purchase.

2.4 Property Taxes Depends on the property, but here is how it works...If you have paid your property taxes for the tax year, and for arguments sake, let's say that they are $1,200 per year, and you close on the property on June 30th, then they would owe them 4 months taxes (July to October) or 4x$100=$600. Your lawyer calculates this for you.

2.5 Insurance Coverage

Do not cancel YOUR insurance til the day after the closing date!

2.6 Inspections

They will book the Inspections\Inspectors that you select. It is always preferable that you are absent for the inspections. It can take up to 4 hours.

Types of Inspections:

  • Building Inspection(s) - This inspection usually includes a thermal scan of the home to determine if there are any unseen issues in the walls and ceilings,
  • Water Quality-Quantity Usually only performed on well systems, but not always!   
  • Sewer-Septic Scope - Used to determine if the "laterals are trouble free"       
  • Radon Gas - Radon is a colourless, odourless, cancer causing gas than can accumulate in basements, it is easily remediated (usually at the sellers expense). Learn more about radon here.
2.7 Leased Items
You must provide the buyer with the applicable forms to assume the lease of any leased equipment (if the assumption of the lease was part of your Agreement of Purchase & Sale).
Phase 3
The Deal is Firm-Congratulations you just SOLD your house!
Utilities Disconnect go to www.MyRealtyAdvisors.ca. NS Power, Oil, Gas, Propane, Water, Internet, Cable, Canada Post!
Phase 4: Adjustments
Adjustments Oil-buyer pays for a full tank (actually adjusted on 850 litres, tank is 903 litres)
Property Taxes - See Above # 2-4
Phase 5: Pre-Signing the documents at your lawyer
The lawyer will be in touch with you, usually a week or so before the closing to make arrangements for the signing of the deed & any other documents     
Phase 6: Pre-Closing of the Property
The selling agent will be doing a pre-closing inspection (usually the morning of the day of closing).
Keys & Access to the property - While the walk through is usually from 8-9am, the actual transaction probably won’t close until much later in the afternoon (3-4pm), the lawyers transfer money, keys and documents.
Phase 7: When Can The Buyer Move in?
Once we have been notified that the sale has closed, the keys will be released to the buyer.
Phase 8: What Happens Now?