Congratulations, you got the house! So now what happens and what exactly does it mean to be Pending?
I love helping buyer clients and in this blog I’m going to walk you through the steps that happen after your offer is accepted.
If you’re watching the video, stick around until the end to hear the most exciting step of the process.
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Conditions and Condition Day
The Sale isn’t final once the sellers accept your offer, written into your offer is a time period of typically 10 days to 2 weeks where you have time to satisfy your conditions to make sure that you are willing and able to complete the transaction, otherwise known as being Pending. So what are the common conditions? Financing, Property Inspection, Sale of Buyers Property and Condominium Documents Review are the most common. Once you are pending there are also some tasks that have to be completed before you can waive your conditions
Your Realtor sends the offer and property details to your Mortgage Broker so they can start putting your financing together. You may be pre-approved, but the lender has to do their due diligence to ensure that the property your buying is worth the amount you’re paying. They may want to schedule an appraisal to be sure of this.
Schedule Property Inspection: In this busy market I make sure we schedule the property inspection soon after our offer is accepted. The good inspectors are busy, so it’s important to get that inspection slotted in once you’re pending. The Inspector will give you a report will all of the deficiencies of the property and we will negotiate repairs with the sellers if there’s anything glaring or unlivable. Depending on the type of property in the inspection fees start around $550 dollars.
Deposit Money: Now you will go ahead and submit your deposit. Your Realtor will have some advice on the easiest way to do that as well as the date it’s due, and the deposit is refundable if for whatever reason you decide not to go ahead with the purchase.
Secure a Real Estate Lawyer: Unlike other provinces where you could use a notary, in Alberta it’s the law to have a lawyer oversee the transfer of property from the seller to buyer to ensure that the contract is enforceable. Make sure you budget roughly $1500-1700 for lawyers fees to make sure you’re on the safe side
Final Financing Approval: It’s a great moment when your Mortgage Broker gives us the go ahead that we can waive conditions as this is the final piece of the puzzle before we can…
Waive Conditions: Once your conditions are satisfied we can send the sellers your signed conditions waiver and make the house yours! Very exciting!
Visit Your Lawyer: The Lawyer you chose will contact you close to your possession date so you can meet with them to sign the final paperwork and then…
Key Release Day! This is the most exciting day and the culmination of all of your hard work! Your agent will be notified that you mortgage funds have been transferred and you’re ready to take possession. This happens around noon typically, so don’t schedule any movers or technicians for the morning of your possession day, just to be safe.
So there you have it, a brief overview of what happens after you offer is accepted. Now that you have a feel for the process, you might be thinking, I could easily do this myself! Why bother hiring a buyers agent? Well stay tuned for my next video – Buying Without a Realtor – What Can Go Wrong?
If you’re interested in buying a home in Greater Edmonton Area, let’s chat! Contact me for a buyer consultation today. I’d love to hear about your top reasons for moving here, and as always, don’t forget to leave a comment below.