Your Offer was accepted - What's next?!

Your offer was accepted! 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 we have available to accomplish our due diligence - financing, inspections, insurance, etc. It is 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

We will get the documents to the Professionals that you have selected -Mortgage Broker, Lawyer, Insurance, etc.

2.2 Legal Review-Mortgage Approval

Legal Review of the Purchase & Sales Agreement by your lawyer to ensure you are legally protected.
Legal fees: EXISTING HOUSES $1,000 +HST     CONDOS-$1,100 +HST
Deed Registration fees: $200
Deed Transfer Tax: 1.5% of purchase price (in HRM)
Title insurance: $179
Disbursements: $110 (approximately)
Oil (if applicable): $850 (approximately, based on day rate for furnace oil)
*All pricing is for illustration only and may vary

2.3 Mortgage Approval

We have forwarded the Agreement of Purchase and Sale to your mortgage contact,
who will review and submit to the mortgage lender for approval if financing is required for the purchase.
**If you have not already given us your mortgage contacts' information, it is urgently required now!

2.4 Property Taxes

Depends on the property, but here is how it works..

If the seller has paid their 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 you would owe them 4 months taxes (July to October) or 4x$100=$600. Your lawyer calculates this for you.

2.5 Insurance Coverage

You don’t pay for the insurance until the closing date, you just have to be able to confirm within the
10 days due diligence period that you can get insurance. You will be required to provide confirmation of coverage to your lawyer prior to closing, in written form.

2.6 Inspections

We will book the Inspections/Inspectors that you select.  Please do not book them directly as we have to be there and make appointments for the inspections.
It is always preferable that you attend the inspections, it is a great opportunity to learn a lot about your new home!

Types of Inspections:

  • Building Inspection(s) - Approx. $500 including HST. This inspection usually includes a thermal scan of the home to determine if there are any unseen issues in the walls and ceilings, there are some limitations to this scan based on outside temperatures, the Inspector will explain.
  • Water Quality-Quantity - Approx. $100-$300, depending on the tests involved. Usually only performed on well systems.
  • Sewer-Septic Scope - Approx. $300. Highly recommended for all sewer and septic systems.
  • Radon Gas - Approx. $300. 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.

*All pricing is for illustration purposes only and may vary depending on Service Provider

2.7 Leased Items
We will provide you with the applicable forms to assume the lease of any leased equipment if the assumption of the lease was part of your Purchase & Sale Agreement.
Phase 3
The Deal is Firm-Congratulations you just bought your house!
Utilities connection go to NS Power, Oil, Gas, Propane, Water, Internet, Cable, Canada Post!
Phase 4: Adjustments
Deed Transfer Tax - 1.5% of the purchase price
Adjustments Oil- You pay for a full tank (actually adjusted on 850 litres, tank is 903 litres), but you get a full tank of oil.
Property Taxes - See Above # 2-4
Phase 5: Pre-Signing the documents at your lawyer
How much money do I need to bring to them and when?
Your lawyer will be in touch with you, usually a week or so before the closing to give you the amounts that are needed.
Phase 6: Pre-Closing of the Property
We will be doing a pre-closing inspection, usually the morning of the day of closing.
Keys & Access to the property - While we may do the walk through around 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 I Move in?
Once we have been notified that the sale has closed, we will call you with the code to the combo box
that we installed at the pre-closing walk through. You can now get the keys out of the box!
We will remove the combo box a day or two after closing.
Phase 8: What Happens Now?

Move in, relax, and enjoy!

Citadel Hill, Downtown Halifax Nova Scotia

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