Navigating the Post-Offer Phase: What Happens After Your Offer is Accepted

Congratulations! Your offer has been accepted. Before you start celebrating, there are crucial steps to navigate in the post-offer phase. While you may think most of the work is done, this is the time you need to ensure you are on top of everything, listening to your Realtor, & meeting deadlines. For many buyers, the post-offer phase can seem mysterious. While much focus is placed on finding the perfect home and making an offer, what happens after is equally important.

Securing Your Deposit:

Once both parties have signed the offer to purchase confirming acceptance of your bid, your Realtor will likely arrange for the collection of your deposit. This deposit isn’t just a financial commitment; it demonstrates your intent to proceed with the purchase. Typically, the deposit is required within 24 hours of acceptance and can be made through a bank draft, certified cheque, or e-transfer.

Meeting Condition Deadlines:

Many offers come with conditions or contingencies that must be fulfilled within specified deadlines. Common conditions include financing approval and a home inspection. These deadlines typically range from 3-7 days from acceptance. Effective scheduling and communication with your bank, inspector, and Realtor are crucial for meeting these deadlines seamlessly.

Finalizing Conditions:

Once your conditions are satisfied, it is time to sign off on them, solidifying the deal and transforming it into a firm sale. Congratulations, you’ve officially purchased a home! If the home inspection was to reveal unsatisfactory results or financing approval isn’t secured, this phase offers the opportunity to terminate the transaction, with your deposit remaining refundable.

Preparing for Possession:

As we transition from meeting deadlines to preparing for possession day, there is a slight slowdown in activity. Depending on the possession timeline, you’ll begin sorting through belongings, packing up, and considering important tasks like mail forwarding and notifying address changes. Stay in touch with your mortgage specialist and lawyer to finalize details, and before you know it possession day will arrive!

Navigating the post-offer phase is a crucial part of the home buying process. With guidance from your Realtor and effective communication, you can ensure a smooth transition from offer acceptance to possession day. 

#AgentSheyla

Sheyla Duncan

Phone: (204) 871-3228
Email: Sheyla@JenniferQueen.com