So you’ve made a successful offer to purchase with me on the home of your dreams — or at least taken that important first step toward home ownership. Now what?
Well, now there’s usually a bit of waiting, as closing periods typically take anywhere from several weeks to a few months. But there are some important things that need to happen right away.
Once your offer has been accepted, there’s usually a 10-day conditional period, during which you take all the necessary steps with regard to financing, home inspection, and everything else that needs to happen before you officially seal the deal.
Your mortgage lender will need a copy of the offer to make sure everything is still in order and in keeping with your pre-approved level of financing.
And as we discussed in Costs from A to Z, this is when the home inspection takes place. You should accompany the inspector throughout this process, which takes about three hours, so you can learn as much as you can about the various systems in the home, from heating and plumbing to electrical and roofing. Importantly, the inspection may identify some repairs that need to be made, which may allow us to negotiate a lower purchase price or insist that the repairs be made at the seller’s expense before you proceed with the deal.
At the completion of the conditional period, with any adjustments or repairs made to your satisfaction, we will finalize the deal and your lawyer will process the paperwork, including the mortgage documents with your lender.
All of this would point to a final date of actual legal possession — the real closing day, when:
- Your mortgage lender will provide the funds to your lawyer
- You pay all the remaining closing costs
- Your lawyer pays the seller and registers the home in your name
- You have all your insurance in place
Whether it’s weeks or months between finalizing the deal and actually moving in, it’s just a matter of planning your move: hiring a mover or renting a truck and doing it yourself; arranging services such as electricity and cable; rerouting your mail; and other moving essentials.
After that? Congratulations!
You’ve done it! Welcome home!