They Accepted Your Offer. Now What?

Calgary Home Buyers Guide - The Next Steps to a Conditional Sale

It is really exciting to find a home you love after looking at 10, 20, 30 maybe even 50 different listings. So you write an offer, and after negotiations the sellers accept, if your offer had any conditions in it, you will now have what is called a conditional or pending sale.

Typical conditions in the vast majority of offers to purchase

Financing condition: The bank evaluates the property and does their final review of your documents, if everything checks out they approve your mortgage and you have got financing!

Property Inspection Condition: It is always a good idea to know exactly what you are buying. A property inspection is a smart investment in your real estate purchase. You make the best decisions by having all of the information, having a detailed review of the property is  always a good idea.

Condominium Documents Condition: When buying a condominium it is always necessary to understand the condo documents and make sure you have reviewed them thoroughly. Once you buy a condo, you become a part owner in the condo corporation and you assume all of its fortunes and shortfalls. Make sure you understand what you are buying, get a condo document review!

Sale of Buyers Home Condition: If you have an existing property to sell before you are able to buy then you can use this condition to make your purchase contingent on the sale of your existing property. There are a lot more intricacies to this condition which I would be happy to discuss with you as they relate to your personal situation. Call me or contact me anytime!

Other Conditions: These conditions listed above are the 4 most common but this is not a list of every condition possible, you may have specific circumstances which dictate other conditions of your offer. If you have questions about any part of your home search call me anytime, I answer my phone!

The next steps once you have a conditional sale

1. Deliver the deposit, typically made out to the listing real estate brokerage but ask first
2. Send the offer and feature sheet to your bank so they can start on the mortgage approval
3. Work with your mortgage professional to provide any required documents or otherwise as needed
4. Schedule the  property inspection, inquire about payment and put show up!
5. Deliver and start your condominium document review and your condo due diligence process

If all of your conditions are met, then you will sign a notice or waiver to remove your conditions and have a firm sale. You can now look forward to your possession date. From there you can book the movers, schedule to meet with your lawyer and look forward to your new Calgary home!

P.S. Don't forget to ask all of the smart questions when buying a home and make the most informed decision possible!