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The Road From Offer Acceptance To Closing

Putting a deal together is half the battle, now it must be kept together.

If the Agreement of Purchase and Sale was negotiated with conditions in it those conditions will need to be met and waivers or amendments will need to be signed in order to make the agreement firm and binding.

Once the deposit cheque has been placed into the listing brokerage’s trust account and any conditions in the offer have been fulfilled, a SOLD sign will be placed on the lawn and the sale gets reported to MLS.

Everyone can now breathe a sigh of relief.

Your Realtor will distribute copies of the Agreement of Purchase and Sale and related documents to all relevant parties (lawyer and mortgage broker).

If the buyer is financing the property with a mortgage then you can anticipate a visit from their appraiser. Usually it is a very quick inspection to verify the purchase price as being realistic. An appraisal protects the interests of the mortgage lender and ensures that the property has not been sold for more than its fair market value.

You could also expect visits from the buyer if they negotiated visits into the Agreement of Purchase and Sale. These are typically booked 24 hours in advance, at mutually agreeable times. These types of inspections are often for the purpose of measuring for furniture placement or paint colour selection, but could also be for the buyers to obtain quotes from architects, contractors, and decorators.

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