Buying a Home

After the Offer is Accepted ... Step Six

Congratulations your offer has been accepted! What next?

If you haven’t selected a solicitor to represent you then should. The solicitor's name should be entered on to the contract so that they can receive a copy as quickly as possible. Your solicitor will review the contract and perhaps make some legal modifications if required. They cannot make any changes to dates, prices or terms without permission in writing by the other party. Your solicitor will make sure every legal aspect of the contract is taken care of from purchase through to settlement. They will attend settlement for you and explain all of the settlement documents to you.

After choosing your solicitor, your next decision is to choose a home inspector. Most contracts allow a 5 to 7 business days for you to schedule and complete a home inspection. The home inspection usually takes around 1.5 to 3 hours to complete depending on the size and condition of the property. The inspector will check out all of the major structural components, as well as point out minor maintenance issues you may want to take care of. A home inspection will cost anywhere from $300 to $500 to complete. If you can be there for the inspection it is a great opportunity to learn about your future home.

If there are any major issues that come up during the home inspection then you can go back to the seller and request that those items are repaired prior to settlement, or a price reduction, or a concession be made to cover those items. Some buyers look at the home inspection as an opportunity for a second round of negotiations and want everything to be fixed to bring a property into “as new” condition. This train of thought is not realistic. Generally any post inspection negotiation focuses on items of a substantive nature that were not disclosed or evident when an offer was made

And lastly you need to send a copy of the contract to yourfinancier. You do need to sign documentation to secure your loan. It is important you understand the timing issue. Often financial institutions go too slowly and you run out of time by your finance date. Getting an extension to your finance date is not always a forgone conclusion as your financier may suggest. If you have bought well there is always someone “waiting in the wings” to pick up the property if you give them the opportunity. It is essential you keep the financier working on your file. Many buyers risk losing the place of their dreams by expecting that an extension to finance will automatically be granted.

The next step is Preparing to Move.