The closing process: My offer was accepted, now what?

Dated: November 4 2021

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You’ve fallen in love with the ideal starter home and your offer has been accepted...now what?! Over the last two months on our blog, we’ve shared how to know when you’re ready to buy your first home, and how to find your perfect Realtor match. This month, we’ll dive into what happens after your offer has been accepted!  

 

Secure your financing 

 

In past market conditions, your agent would recommend including a condition of finance within your offer. In today’s market, including such a condition could result in your offer being looked over and could cost you the property. This is why we recommend having a strong pre-approval in place before you even start looking at homes. 

 

Once your offer is accepted, you’ll then want to send the documentation to your bank or mortgage company. The lender will input all of the details of the listing, and schedule an appraisal to confirm the value of the home at the cost of you, the buyer. The goal is for the appraiser to value the home for at least as much as your agreed purchase price. If the appraisal is low, you may need to renegotiate the price with the seller (which is highly unlikely to work out in your favour in fast-paced markets that lack inventory) or find additional funding as a lender will approve only up to the appraised amount. Once this has been completed, your financing will be in place. 

 

Hire a real estate lawyer

 

Both the buyer and the seller will need separate legal representation to complete the transaction. The lawyers are essentially responsible for handling the money and the documentation throughout this process, until the sale is complete. The lawyer will also conduct a title search. This means they will do a search of how the property is currently registered, and will ensure that there are no liens or other issues with the property that cannot be rectified after the sale is complete. 

 

Have a final walkthrough of the property

 

Your agent will schedule your final walkthrough and should be done no earlier than one week before closing. The purpose of this walkthrough is to confirm that all circumstances set in the offer contract have been met and no harm has been done to the property since the first viewing of the house. If your Agreement of Purchase and Sale includes appliances, it is important to make sure that the appliances that are in the home are the ones that you saw when first viewing the property. 

 

Transfer or create your utility accounts

 

The next step is to arrange to have all of your utilities transferred from your existing home to your new one. If this is your first time moving out into your own home, you’ll have to call around and create new utility accounts and arrange for any set-up upon your move-in day. Prepare to have this step complete at least three weeks prior to your closing date to avoid any delays with the set-up and transfer process.

 

Sign your closing documents 

 

The final step before taking possession of the home is to sign the final documents. When meeting with your lawyer, we recommend that you take your time with this as the agreement can be several pages in length. Carefully reviewing the fine print will save you a lot of time and worry if something seems amiss down the line.

 

Pick up your keys, you’re officially a homeowner! 

On the scheduled closing day, the lawyer will arrange for you to pick up the keys at their office or the listing agent will leave them in the lockbox, which will be picked up at a later date. Congratulations! You’re officially a homeowner and can begin making the space your own.

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Christan Bosley

Christan is a dedicated real estate professional that has been working at Bosley Real Estate since the age of 12. From front desk operations to a successful sales career to general manager, Christan ....

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