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What to Do After Your Offer is Accepted

  • 1 day ago
  • 6 min read

Congratulations! Your offer on a home has been accepted. The next stage involves completing several financial, legal, and administrative steps before closing. Understanding the post-acceptance process can help reduce delays and make the transaction smoother.



Key Steps After Offer Acceptance


  • Provide requested documents to your mortgage lender promptly

  • Conduct your Due Diligence (inspections, financing, title review, etc.)

  • Complete or remove subject conditions within the agreed timeline

  • Submit the required deposit according to the terms of the Contract of Purchase and Sale

  • Coordinate with your lawyer or notary and real estate professionals

  • Arrange home insurance before completion

  • Conduct a final walkthrough before possession

  • Prepare for moving and utility transfers


Understanding the Closing Process


Once an offer is accepted, buyers move into the closing stage of the transaction. During this period, financing approval, inspections, legal documentation, insurance, and final preparations must be completed before ownership transfers.


In British Columbia, most residential real estate transactions use a Contract of Purchase and Sale that outlines important dates, including subject removal, completion, adjustment, and possession dates.


Closing timelines vary depending on financing, property type, and the terms negotiated in the contract. Buyers should stay organized and meet all deadlines to help avoid delays or breaches of contract.


Buyers are generally responsible for arranging financing, reviewing inspection results, securing insurance, and coordinating with their lender, lawyer or notary, and real estate agent throughout the transaction.


Understanding each step of the process can help buyers make informed decisions and reduce stress before closing.


Immediate Steps After Acceptance


If the offer will typical include subject conditions, buyers should complete any required inspections, financing approvals, or document reviews within the agreed timeframe before removing subjects.


Home inspections are not legally required, but many buyers choose to complete one to identify potential issues with the property before the purchase becomes firm. This is often an essential step to make sure the home is in good shape, and doesn't have any substantial hidden repair costs.


Financing approval is also essential for anyone purchasing with a mortgage (most people). Mortgage lenders may request documents such as proof of income, employment verification, identification, banking information, and confirmation of the down payment source during the approval process. A lender may also order an appraisal to confirm the property's market value. Unless you're making a cash purchase, getting firm financing approval is usually essential prior to removing conditions.


Strata document review, is really important for any strata property purchase. That is typically any kind of condo our townhouse purchase. The strata document review will give you run down on the financial health of the strata, and the structural health of the building or complex. One of the things I regularly say to clients is this typically isn't an either/or requirement, but a both/and requirement! As in, you want both the financial health of the strata and the physical health of the building or complex to be in really good shape. When one or both of these is out of wack, that often means that you can expect big out of pocket expenses in the near future which come from special assessments or levies! This pops up when you have a big complex expense that has to be taken care of and there isn't enough money in the strata reserve fund to cover it. That can mean a sudden out of pocket expense of $5,000, or $10,000, or $20,000 or more! So, it's really important to be familiar with the strata documents prior to making a strata purchase. Additionally, reviewing documents like the strata bylaws lets you know what is and isn't allowed in the complex (i.e. if you own a cat, but cats aren't allowed this strata might not be a good fit for you). You can also review the strata council and AGM minutes to get a better sense of how things are run, and if the strata is being well looked after (or not).


The deposit is also a key step. This can be due before or after condition removal, but it's common to submit a deposit after you have completed all of your due diligence and confirmed that you are ready to remove conditions. In British Columbia, deposits are commonly held in trust by the listing brokerage until the transaction is completed. It ultimately ends up forming part of your purchasing amount contributing toward your final downpayment and closing costs amount.


Buyers should organize all required documents early to help avoid delays before closing.

The time between acceptance and completion varies depending on financing, inspections, and other transaction requirements.



Working With Your Real Estate Team


Buyers should maintain regular communication with their real estate agent, lawyer or notary, and mortgage lender throughout the transaction.


In British Columbia, buyers commonly use either a real estate lawyer or a notary public to handle closing documents, title transfers, mortgage registration, and adjustments. Although I have worked with both lawyers and notaries in the past, i typically recommend using a real estate lawyer since for not much more cost, then can assist with legal advice and a proper title review to ensure their aren't any harmful legal charges against the property prior to removing conditions.


Your real estate agent can help coordinate timelines, communicate with the seller’s agent, and guide you through the transaction process.


Lenders may request additional documents or conditions before final mortgage approval. Responding promptly to requests can help reduce delays.


Insurance and Utilities


Home insurance is generally required before completion because mortgage lenders usually require proof of coverage before mortgage funds are advanced. I regularly advise my clients to confirm a home is insurable during the due diligence phase prior to condition removal. This is often the case for most homes, especially for newer homes. However, some older homes may have fewer insurance options at higher rates if the building has concerning or defective issues. For example, perhaps an older home has aluminimum wiring which has a greater risk of catching fire, especially if the outlet wiring ends haven't been given copper wiring pigtails. Alternatively, maybe all of the plumbing in the home uses Poly-B piping which is commonly known to burst and leak. Although it's not very common, in some cases an older home with major defects can be completely uninsurable which poses a major risk to home owners, and it can block your ability to get a mortgage. For these reasons, confirming insurability, and insurance rates is an important and valuable step prior to condition removal.


Buyers should also arrange utility transfers for electricity, natural gas, water, internet, and other services before possession day to help prevent interruptions. Internet is a key example. If you fail to book an internet install until last minute you might be waiting days or weeks to get your internet up and running in your new home!


Depending on the property type and municipality, some utility accounts or strata-related services may also need to be updated after closing.



Final Walkthrough


A final walkthrough is sometimes helpful shortly before possession to confirm:

  • Agreed repairs have been completed

  • Included appliances and systems are functioning

  • The property remains in substantially the same condition as when the offer was accepted

  • No major unexpected damage has occurred


Documenting the property condition with photos or notes may help if issues arise before possession. Although this is often covered by comparing new damage against the original listing photos. More importantly, for brand new builds, a deficiency walkthrough is a must have. This allows you to walk through the home with the developer to point out, document, and often mark with tape any major or even minor defects that need to be fixed. This can be as big as the need to add a fence, plumbing stack, or missing flashing to the roof, to smaller things like interior window caulking or small marks that need to be repainted. Although new build purchases typically carry the hefty additional cost of paying GST, they also have the added benefits of a complete 2, 5, and 10 year warranty, paired with the opportunity to address any and all deficiencies prior to completion.



Moving Preparation


Planning ahead can make moving less stressful. Buyers should:

  • Schedule movers or rental vehicles early

  • Pack gradually before moving day

  • Update their address with important contacts and service providers

  • Keep important documents and valuables organized separately

  • Confirm utility setup dates before possession

  • Consider setting up a mail forwarding address with Canada Post


Conclusion


The period between offer acceptance and possession is an important stage of the home-buying process in British Columbia. Staying organized, meeting contract deadlines, and maintaining communication with your lender, lawyer or notary, and real estate agent can help support a smoother transaction and successful closing.


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I am a Victoria-based local realtor with eXp Realty. My commitment to honesty, integrity, loyalty, and hard work have been essential pillars for me because they drive a high standard of excellent service for my clients. Helping you realize your dream is my goal!


I service Vancouver Island, but my focus is on Victoria, Sooke, Saanich, Malahat, Shawnigan Lake, Cobble Hill, Duncan, and the rest of the Cowichan Valley.



 
 
 

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