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Acceptance of the Offer

Deposit - The Buyer has 24 hours to provide a deposit to complete the transaction. The deposit is usually 3-5% of the purchase price of the property and is to be provided in the form of a certified cheque or bank draft.

Home Inspection (optional)
One common condition in an offer to purchase is having the house inspected by a qualified home inspector. The inspector will go through your house and provide you a report with estimated costs for any necessary repairs giving you the added confidence that you’ve made the right choice and avoiding unexpected problems in the future (costs of inspections vary).

Hire a Legal Professional - A copy of the Agreement should be forwarded to your lawyer to allow them to get started on closing arrangement on their end. Feel free to have a legal representative look over an offer prior to it being submitted to a seller to allow for a second legal opinion on what you are signing.

Contact Bank or Mortgage Provider - If the offer was conditional on financing then this step would have been done shortly after acceptance of the agreement. If you are pre-approved and decide against a financing condition, then upon acceptance of a firm agreement, the Agreement of Purchase and Sale and a copy of the listing is to be provided to your mortgage advisor for them to begin the process of providing you financing for your new house.

Book a moving company - It’s a good idea to obtain cost and time estimates from several different companies. Ask friend and relatives for referrals as some moving companies have been known to be unscrupulous. You can pack yourself, or you can choose to have your movers pack everything.

Utilities - Make arrangements to have connections made for the gas and electric utilities, telephone and cable TV. The utilities should be connected on the day the house sale closes (or possession date). If you are moving from another owned house you should arrange to have your utility meters read on the day you
move out and have the utility bill forwarded to your new address. If you have a rented water heater or furnace, arrange for a transfer of the rental agreement to the new owner.

 

Find the Right Real Estate Agent

Understand what type of Real Estate Market you are facing as a Buyer

Determine What Purchase Price You Can Afford

Making an Offer on a House