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  • Writer's pictureKyla Miranda

What happens when you get an offer?

Congratulations! You have received an accepted offer on your house. What happens next?


Agreement


The Agreement of Purchase and Sale paperwork is a contract that outlines all of the legal details of your sale. The contract serves as a roadmap for what needs to happen and when. It will often include a home inspection and financing deadline, a closing date, a deposit amount and other conditions, such as inclusions in the sale. It will also include standard clauses common to all Agreements of Purchase and Sale in the province.


Deposit and Financing


First, the buyer will send in the specified deposit amount, which is held in trust, typically at the real estate office, and forms part of the downpayment on closing. Should something happen that impedes the sale, where a condition is not met then they would get this back again. Then, the buyer will schedule their home inspection and send their documents to their bank or broker to get financing. These two steps typically happen a couple of weeks after the acceptance of the offer, but the specific deadline dates will be in the offer itself.


Home Inspection


When the buyer has their home inspection at the property, they will often meet the inspector at the house afterwards to go over the results. They have until the deadline specified in the contract to provide any pertinent results to the sellers that may need to be dealt with. It is important for sellers to be proactive prior to the inspection to ensure the property is clean and any known issues are disclosed upfront to make for a smoother inspection.


Firm Sale

Once the buyer gets their financing letter in and the inspection is completed, and any further negotiations are completed, you will usually have what we call a firm sale. After you get a firm sale, it is important for sellers to prepare their house for closing by removing whatever is not left in the contract and by completing any repairs agreed upon. You will need to get in touch with your lawyer who will liaise with the buyer's lawyer on things like the title search, survey, etc. In Newfoundland, the closing date often gets delayed so it is important to keep this in mind. The sale is subject to the buyer getting insurance and a clear title, often compliance from the city or town, and a good survey or real property report if a new one is required. A lot of this may happen near the end.


Closing


On the contract closing date, the buyer and/or their agent will do a final walkthrough to confirm everything is as it should be according to the contract. At this point, the seller should be totally moved out. If the date gets moved they may do another walkthrough on each day until the house closes. Once closed, the buyer's agent releases the keys and the house belongs to the buyer.


Congratulations! You have successfully sold your house.

 

If you are thinking of selling, get in touch and we can set up a no-obligation meeting to discuss the best way forward. I will guide you through the details of these steps and more based on your current needs.


Kyla Miranda Realtor ®

Keller Williams Platinum Realty

709-325-5152


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