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Home Consumers Buyer journey After your offer is accepted

After the seller accepts your offer, the home-buying process moves into a critical phase where you need to ensure all conditions are met and that you are fully prepared to complete the transaction.

Your real estate agent will guide you through this process and you will likely need to work with other professionals such as a home inspector and real estate lawyer.

Your real estate agent will support you through satisfying conditions and meeting the deadlines. You are responsible for taking the necessary steps to fulfill the conditions, such as securing financing.

Conditions are satisfied in one of two ways:

  • Notice of Fulfillment: Your real estate agent provides notice to the seller’s agent that the condition has been fulfilled (for example, you have secured financing).
  • Waiver: If you choose to waive the condition, your real estate agent will notify the seller’s agent that you are proceeding without fulfilling a condition (for example, you have decided not to have a home inspection). Your agent can explain the risks of waiving conditions that were intended to protect you.

If your conditions are not satisfied (fulfilled or waived) within the specified timeframe, the offer becomes null and void, meaning the purchase falls through. In most cases, this means that your deposit will be returned to you. If there is a dispute about whether a deposit can be returned, this will be a matter for the courts.

You need to make reasonable efforts to fulfill your conditions. Similarly, the seller has an obligation to make reasonable efforts to fulfill their conditions.

If you bought a pre-construction condominium, you are permitted to cancel your purchase agreement within 10 days without penalty.

There is no legislated cancellation period for new homes or resale homes and condominiums – you would need to speak to your lawyer about options that might be available.

A final walkthrough is the last opportunity for you and your real estate agent to inspect the property between 24 and 48 hours of the closing date.

Here are some of the things that you and your agent will be looking for during the final walkthrough:

  • Is the property and its contents in the same condition as when the offer was made?
  • Has the seller completed any promised work (for example, repairs)?
  • Are all fixtures, appliances, and other inclusions in good working order?
  • Are the fixtures, appliances, and other inclusions the same ones identified in the agreement?

If you are buying a newly constructed home, the builder is required to do a thorough, floor-by-floor walk-through with you before they hand over the keys. It’s called a Pre-Delivery Inspection or PDI. It is one of your first opportunities to view your completed home or condo unit before you take possession.

Learn more:
The Pre-Delivery Inspection | Tarion.com

The closing date, also known as possession day, is the agreed-upon date when the transfer of ownership is finalized between you and the seller.

At this point, you will sign the final closing documents, and the keys will be transferred to you, likely through your real estate lawyer.

Once you receive the keys, you’re ready to move into your new home. Most transactions go smoothly and are completed on time, without any significant issues. However, sometimes the following can arise:

Damage or missing items

If you find the property is not in substantially the same condition as it was during your final walkthrough, or if the seller has removed something that was part of the purchase, you should contact your lawyer as soon as possible.

By the time you receive the keys, the money has typically transferred to the seller. Your real estate agent might be able to work with the seller’s agent to resolve the matter quickly, but you may need to engage a real estate lawyer.

Delayed possession

Most delays are brief. A delay might be the result of the seller not moving out on time, a possession date close to or on a holiday, or bank delays. Your real estate agent can provide advice on how to prepare for and handle a possible delay.

Your lawyer will ensure your purchase is legally sound and handle all the legal paperwork, including:

  • Reviewing the Agreement of Purchase and Sale (APS) between you and the seller.
  • Preparing and reviewing the closing documents (i.e., transfer of title, statement of adjustments, mortgage discharge statement, brokerage commission, property tax settlement, and compliance with legal and financial obligations).
  • Assisting with any disputes or claims that arise after closing (e.g., undisclosed defects).
  • Providing you with a final closing report and financial breakdown.