What Happens After An Offer Is Accepted?

after closing an offer

The Offer Is Accepted, Now What?

If you’re getting closer to accepting an offer on your home, you can see the light at the end of the tunnel getting brighter! Once you receive an offer, you have a very important choice to make. You can choose to accept the offer, reject the offer, or counter the offer. This decision is one that your RE/MAX Agent can help you make while keeping your best interests in mind. They will help you negotiate the offer with the buyer’s agent and once signed by both you and the buyer, the offer will become a binding contract.

 

Offer Infographic

 

What if the Offer had Conditions?

If the offer you accepted had conditions, it would be considered sold conditional. Each of the conditions has an expiration date and the buyer must decide what to do about the conditions. The most common conditions include the following:

  • Financing: most buyers need to obtain a mortgage or loan to purchase the home
  • Inspection: generally at the buyers expense and if they are unsatisfied with the results of the condition, they can choose to walk away from the deal
  • Status Certificate (Condo Purchases): A status certificate shares the current state of the condo unit, financial status of the condo, and other important details about the building. If the buyers are satisfied with the results, they can then choose to accept the offer.

Closing the Sale:

Now that the offer has been accepted and all conditions have been met, the only thing left to deal with are closing costs. Some costs you will have to take into consideration include:

  • Seller Agent Commissions
  • Buyer Agent Commissions
  • Legal Costs
  • Adjustments for taxes
  • Surveys (if needed)
  • Mortgage Penalties (if applicable)
  • Adjustment for utilities
  • Capital Gains Tax
  • Mortgages and Penalty

Do you have more questions about what happens after you have accepted the offer? Leave a comment below and one of our experts will answer it, or reach out to a local RE/MAX Agent who will be able to help!

1 Comment

  • K. Pollard says:

    A simple question since I do not own nor have sold a property. Is a property seller legally obligated to provide/ arrange for a property survey from an authorized Ontario land surveyor? I realize a property survey is always nice to have available . However, regardless of whether the buyer would like a current survey or the seller has one, and regardless of who agrees to pay for such a surevy, does a property sale in Ontario require a current land survey as part of the sale process under Ontario law?

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