Offer Accepted - Now What?

Once your offer is accepted by the seller it starts the next phase of the transaction. You will be asked for a down payment, typically 2% of the purchase price, on the home you are purchasing which will be held with an attorney or settlement company and applied to the final purchase of your property.

By the time this happens, you have come to an agreement with the seller on the closing date and the contingencies This period is usually 7 days and each item specified in the contract must be completed satisfactorily.

Each contract is different, but most include the following four items:

1. Inspection contingency: this should be completed as soon as possible after the contract is signed. If the results of the inspection are unsatisfactory you can negotiate repairs or cancel the contract.

2. Financing contingency: Once the contract is signed, you have a period of time to secure funding. If you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to cancel the purchase. This is why being pre-approved before shopping for a property is so important!

3. Review of Condominium Status Certificate and accompanying Documents. A Status Certificate is
a document designed to disclose the Financial Status of a Condominium Unit and the Corporation. It provides mandatory information about the condominium corporation and the specific unit for purchasers as well as bylaws, rules and regulations.

4. Homeowner's insurance. This is almost always required before you can close the sale. It best to apply for insurance as soon as possible after the contract is signed.

If you have questions or are ready to begin the home buying process, just complete the form below, and a member of our team will be in touch shortly!

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First Time Buyers

Are you a first-time homebuyer? Did you know that if you haven’t owned a property in the last three years that you are considered a first-time homebuyer?

Making an Offer

Before the offer to purchase is created, you must be at least pre-qualified or, better yet, pre-approved by a lender, unless you are paying cash.

Offer Accepted

Once your offer is accepted by the seller it starts the offer accepted period. You will be asked for a down payment, typically 1% of the purchase price, on the home you are purchasing which will be held with an attorney or settlement company and applied to the final purchase of your property.

Personalized Home Search

Complete the form below and we'll create you a custom property search. Anytime when we find properties that match your specific criteria we’ll send you an email.

Thinking about Buying

Are you thinking about buying? The video resources below cover many of the common questions that most people have during the home buying journey.

What are Closing Costs?

You've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home.

Ready to Start?

Select Real Estate Group

Corinne Campbell,Realtor®

Kim Ziebell,Realtor®

(613) 701-9490

202-435 St Laurent BLVD

hello@ottawaselect.ca

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