Your offer got accepted, what's next?

First off, Congratulations!

But wait.... it isn't over yet. If your contract is contingent on fulfilling certain "subjects" (contract conditions), then it isn't a done deal until after "subject removal".

Take the time to re-read your contract, put your Subject Removal Dates into your calendar, and post them on your fridge! These dates are Critical Dates, if you don't remove your subjects by the date listed, your deal may collapse.

Call your Mortgage Broker or Financial Institution and share the good news. Inform them of your Subject Removal Date and send them the required documentation; approved contract and property disclosure. They may also want to appraise the property to ensure you aren't paying more than it is worth.

Book your home inspector sooner than later, your inspection may take 2-4 hours (or longer) depending on size and/or complexity. The inspector will provide you with a written report on what was found, it may also contain suggestions for regular maintenance or areas of improvement. Pay attention to the large ticket items that you didn't know about, does the roof require replacement, is the hot water tank at the end of its life span, are the window seals cracked? Are you satisfied with the findings? If the inspection uncovered expensive fixes, you have the choice to walk away from the deal or renegotiate a reduction in the contract price.

Once all Subjects have been satisfied, both parties will sign off acknowledging the subjects have been removed, and you will be required to pay your deposit (confirm details of your contract).

Now it's time to celebrate.....

Let the fun begin!

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.