10 Sep 2021

What Happens When My Offer to Buy a Home is Accepted?

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When your offer is accepted by the seller of your dream home, you enter the closing period. The period lasts 30 days. It’s an opportunity for both parties to shore up their decisions. You can expect the following steps during the closing period.

Search and verify the property’s title. Sometimes things fall through the cracks. Double-check that there are no outstanding taxes owed on the property. Ensure that the seller is authorised to sell the property too.

Hire a real estate attorney who is available to review the sale contract. You want to ensure that there are no odd exclusions or mandates. 

The closing period includes closing costs. You can try to negotiate these down or have them included in your mortgage. In addition, pay for a professional inspection of the property. If the inspector finds serious defects, you can negotiate your offer down.

During the closing period, lock in your interest rate with the lender, especially if you plan to take on a fixed-interest rate loan. Variable-rate loans include fluctuating home loan rates, but you still want to start in a favourable position. 

Set up the closing day. This is when you sign the contract and receive your set of keys.

After a Home Offer is Accepted Conclusion

If your offer is accepted, you’ll enter the closing stage. The period allows you one more opportunity to inspect the home. You’ll prepare your finances with the lender and hand the sale contract to a legal professional for review. For more information about your mortgage choice options, contact our Mortgage House loan specialists. 

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