Accepting an offer is a big moment, but there are still a few steps before the home is officially sold. Here is what usually happens next for a Barrie seller.
1. The buyer pays a deposit. The deposit is usually held in trust by the buyer's brokerage until closing.
2. The buyer works through their conditions. Many offers include conditions, like the buyer getting a home inspection or confirming their financing. The offer sets a number of days for these. If the conditions are met, the buyer waives them.
3. The deal becomes firm. Once all conditions are waived or met, the sale is firm. Many sellers celebrate here, since the deal is now much harder for the buyer to walk away from.
4. Lawyers take over the paperwork. Both buyer and seller need a real estate lawyer in Ontario. The seller's lawyer prepares the closing documents, pays out the mortgage and works out the adjustments for property taxes and utilities.
5. The buyer may visit again. Many offers allow the buyer a few visits before closing, often to measure or show family.
6. Closing day. On closing day, the money moves through the lawyers, the sale is registered and the keys are handed over.
For condo sales, the buyer's lawyer will also review the status certificate, which shows the condo corporation's finances and rules.
The time between a firm deal and closing is usually 30 to 90 days, depending on what was agreed in the offer.
Spencer Kaleb Yankowski of Spencer Kaleb Group and his support team stay with sellers through every step after the offer. One client noted that when challenges came up during closing, Spencer and his team stayed on top of every detail.
To talk about selling your Barrie home, contact Spencer Kaleb Group at 705-999-4550 or [email protected].
