They accepted your offer, but now what? Congrats on taking the first step to becoming a homeowner. However, there's still many steps to take before you receive the keys to your new home. Let's go over what you can expect next. After your offer is accepted you have three days to exercise your right to recision.
That's the buyer's right to back out of a contract for no stated reason.There is a fee, and if you do plan on collapsing a deal, you will owe the sellers 0.25% of the agreed upon purchase price. Next is conditions. You'll have about 10 days to conduct your predefined due diligence, but this runs in conjunction with the rescision rights. It isn't tacked onto the end. Your contract will have dates in it instead of numbers of days for clarity, the length of time and the conditions depend on what's negotiated in your contract. This is the time that you have to hire professionals to inspect and investigate the property. This period gives you peace of mind that you can terminate the contract if anything deal-breaking is found. And if there's problems you can't live with, the next step is to ask the sellers for repairs or concessions. The seller has an option to accept, decline or agree to part of your request. It is a negotiation. They might also offer you a credit towards the repairs at closing or an adjustment to the purchase price. It's important to approach these requests carefully though, as asking for too many things can upset the seller. Legally, the seller can also back out of a contract if you asked to reopen it for negotiations. So this isn't a time to try and negotiate a lower sales price, but it can be used to save a deal that would otherwise die. If you're financing your purchase, your lender will also order a home appraisal during this time. The appraisal will verify the square footage, put together a detailed report comparing this property to similar properties that have recently sold. If the home doesn't appraise for the amount on the contract your lender may not be able to loan the full amount which requires more cash at closing or a lower down payment. If the seller's unwilling to budge on the price the financing contingency gives you another option to terminate the contract. Once you remove your conditions, you'll need to pay the deposit. This is good faith money held in trust for both parties. The Real Estate Act NBC dictates how your earnest money will be held in trust and what can happen to it. The deposit amounts here are usually from 5 to $10,000 and that's going to be applied to your down payment upon completion. Once you've completed all of the inspections, the appraisals, got your deposit into trust, you're getting pretty close to the finish line.
The next step is to hire yourself a lawyer or notary to conveyance the title at land titles. You'll also need to then start calling the utility companies to transfer the electricity, water, and gas if there is some into your name. On closing day, it's challenging to determine the exact time title will be put into your name, but it's going to happen. Possession here is usually done the next day at a predetermined time. Then it's your time to celebrate in your new home. Thanks for watching, and if you have any questions, feel free to reach out to me.
I'm Amanda Oldfield with eXp Realty and I'm here to help.
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In 2022 Amanda had been a Realtor for over 10 years, and has helped over 200 families.
With a thirst for education Amanda spends hours seeking to improve and stay on the cutting edge. Striving for excellence in business and marketing.