8. DEPOSIT AND CONDITIONS
Once we have an accepted offer, you will need to submit a deposit within 24 hours. Typically a deposit ranges from $2,500 to $50,000 depending on the purchase price of the home. This deposit sits in a trust account of either the listing brokerage or seller’s lawyer.
Now it’s time to work on fulfilling your conditions. I will submit all necessary paperwork on your behalf to the bank or mortgage broker so they can approve your mortgage. If you’ve included a home inspection condition, we will have to get that booked as soon as possible. I have several excellent inspectors who I can recommend to you. Sometimes, buyers have a contractor friend/family member that will offer to look at the home, in place of hiring an actual inspector. I strongly advise against this, as they typically aren’t insured for this type of work, and you won’t have legal recourse should this friend/family member miss an important item that costs you money in the future.
9. PREPARATIONS FOR CLOSING
Once your conditions are fulfilled, you’ll need a lawyer to complete the legal aspects of your purchase. You will need to sign lots of documents with both your lender and lawyer. As well as transfer utilities into your name for the closing date.
Once the closing date arrives, it becomes a waiting game to get the keys to your new home. Sometimes, if we are lucky, the transaction will close in the morning and you will be moving in before noon! Most times though, the deal closes later in the afternoon. Once your lawyer transfers the money to the Seller’s lawyer, the keys will be released to you. Congratulations, the deal is done!