(February 23, 2019)  Discussion about the (critical) sequence of events that occur when your real estate offer is accepted.

Critical deadlines…

Summary of Transcript Notes:

So after the back and forth negotiating between the buyer and seller (and in most cases with their respective realtors), both parties finally agree upon price and terms and sign off on a deal.  Rarely does an offer get accepted without any conditions…and personally I can’t remember the last file I worked on that had no conditions. So basically, once your offer gets accepted, there is a period of time that is worked in to the offer where you (the buyer) have an opportunity to follow through with and verify the conditions all parties have agreed upon.  Essentially, this is the due diligence part of the real estate purchase process…where the buyer is able to do a final check on the property and financing terms without the interference of other buyers AND the complete cooperation of the seller.  So this is when you see the little “c/s” sticker on the ForSale sign (I’m pretty sure Realtors still use that little sticker)…indicating the property is “conditionally sold”.  And then once all conditions have been satisfied, the deal becomes firm at which time the bold, “SOLD” sticker gets placed on the sign.

Listen to the episode and learn about the common conditions that are negotiated within the offer (home inspection, financing conditions, condo/strata document review and more).