I Have An Accepted Offer on a House in Calgary- What's Next?
Congratulations! You have an accepted offer on a home in Calgary. But now I bet you’re wondering, what’s next?
Provide Your Deposit.
You will have a deposit due to the listing brokerage per your contract. Suppose you’re purchasing a home in Alberta. In that case, you will find the details for the deposit, including the due date, the amount, the method of payment (bank draft, transfer, etc.), and to whom the deposit is to be made out in Section 4 of the Residential Purchase Contract. If, for some reason, you do not close on the house, the Seller may be entitled to keep your deposit. Deposits are a way of showing a Seller that you’re financially sound, have some skin in the game, and are motivated to take possession.
Contact Your Mortgage Broker.
You will most likely have a pre-approval already in place, but it’s essential that once you have an accepted offer, you send in the contract and the MLS listing sent to your mortgage broker or lender to get your final approval. Your mortgage broker or lender may be required to schedule an appraisal on the property, so it’s essential to send the documentation immediately.
Fufill Additional Conditions.
If you have a home inspection condition or any other conditions, you must set up the services before the condition dates in Section 8 of your contract. Make sure to inform your realtor of the dates and times of the inspections so that they can coordinate with the listing realtor so that the sellers can be out of the home for that time. Your realtor will also need to be present for any inspections. Most buyers in Calgary prefer to attend these inspections in case anything significant comes to light and you may have additional questions or be able to see the source of the problem.
After your mortgage has its final approval and your inspection conditions have been satisfied, you’ll sign paperwork with your realtor to inform the sellers that all your conditions have been met.
Contact Your Lawyer.
After all the conditions of the sale have been satisfied, you’ll need to contact your real estate lawyer in Calgary to inform them of the sale. Traditionally the realtor’s brokerage will provide the lawyers with the contracts and additional paperwork. Still, the lawyers will need to open a file with your contact information so that they know whom to get ahold of when it’s time to schedule a final signing (usually at least a week before your possession date).
Give Notice to Your Landlord.
If you are currently renting, now is the time you’ll want to give your landlord notice in writing that you will not be continuing the contract and coordinating move-out dates.
Get Home Insurance.
Your lender and lawyer will need to see proof of home insurance before they can release funds to the seller’s lawyer. This must be brought to your appointment with your lawyer before your possession date.
Plan Your Revisits.
If your Realtor has written into your contract (Section 9.2) that you can revisit the property for a final walk-through or measurements, make sure to coordinate with your Calgary Realtor so that all parties will have ample notice.