I Have An Accepted Offer. What’s Next?
Congratulations! You have agreed on the conditions, terms and most importantly the price of the property. The work has just begun.
We know buying a home is a big deal, and sometimes it’s hard to remember the small things among all the excitement! Here is a list of things for you to do to make sure your purchase is a smooth one.
My offer is conditional. What does that mean?
If your offer is conditional, do what is required of you to remove them all! Usually, there will be deadlines for each condition and it is important that we meet those timelines. A typical condition is financing and once your financing is approved, do NOT change your financial situation. This means do not quit your job, do not go buy a new car, and do not spend a bunch of money on your credit card! Your mortgage lender reserves the right to withdraw the approval.
Just bought a home. When do I sell my current home?
If you have a home, hopefully, you already have it sold. If not, if you don’t plan on paying two mortgages, you need to get it on the market. Sometimes we will make offers with a condition which states that your current home must sell. While this works in slower markets, it isn’t as favorable in the hotter markets.
Will my real estate agent do everything?
We try to do as much as we can however, there are a few things that you need to do yourself. Those things you need to do are:
- Pick a lawyer, and set up a time to meet with them.
- Get the remainder of your down payment together and to your lawyer on time
- Hire movers or book in your friends! Remember noon is only a guess of when your new home will be available. Quite often the keys don’t get released until sometime after lunch.
- If you bought a condo, phone the new management company to book the elevator for your move in. If you’re not sure which company it is, just ask me!
- Cancel all utilities, insurance and condo payments effective your possession day at your current home
- Get Home Insurance
- Set up all utilities for your new home:
- Condo Fees
- Schedule your pre-possession walkthrough with us. Usually, this is either done on the day before possession or on the day of.
- Do the pre-possession walk through to make sure your new home is in the condition it was when you viewed it
What happens on possession day?
Possession day is a very exciting time as it’s the day you finally get the keys of your brand-new home. Typically, at noon on the day of possession, your real estate agent will be called by the real estate lawyers informing them if they can “release keys” to you. This is only able to be done once the lawyers have transferred all the funds, executed the transfer of title and ensured the contracts are all correct. Once this is done, the keys are handed to you and the moving in begins!
technology is great. having the right people is better.
Let Us Guide You Home
Buying a home is one of the largest financial decisions in life. That's why we believe you should be guided with the highest level of professionalism and knowledge. Our advisors will make sure you always have the right data, resources, and professional advice you need at every stage of the buying process, so you can be 100% confident in your home decision.