OFFER ACCEPTED… NOW WHAT?
Once your offer is accepted by the seller it starts the next phase of the transaction. You will be asked for a down payment, typically 1% of the purchase price, on the home you are purchasing which will be held with an attorney or settlement company and applied to the final purchase of your property.
By the time this happens, you have come to an agreement with the seller on the closing date and the contingencies This period is usually 30 days and each item specified in the contract must be completed satisfactorily.
Each contract is different, but most include the following four items:
- Inspection contingency: this should be completed as soon as possible after the contract is signed. If the results of the inspection are unsatisfactory you can negotiate repairs or cancel the contract.
- Financing contingency: Once the contract is signed, you have a period of time to secure funding. If you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to cancel the purchase. This is why being pre-approved before shopping for a property is so important!
- A requirement that the seller must provide a marketable title. The title must be "clear" to ensure that you do not have legal issues regarding your ownership. We can help you look into local and state ordinances regarding property transfer and make sure that you and/or the seller have complied with them.
- Secure homeowner's insurance. This is almost always required before you can close the sale. It best to apply for insurance as soon as possible after the contract is signed.
If you have questions or are ready to begin the home buying process, just complete the form below, and a member of our team will be in touch shortly!
Are you thinking about buying? The video resources below cover many of the common questions that most people have during the home buying journey.View Resource
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We created the ultimate home buyers guide for our clients full of tips and tricks and systems to create the path to your dream home.View Resource
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Once your offer is accepted by the seller it starts the offer accepted period. You will be asked for a down payment, typically 1% of the purchase price, on the home you are purchasing which will be held with an attorney or settlement company and applied to the final purchase of your property.View Resource
Complete the form below and we'll create you a custom property search. Anytime when we find properties that match your specific criteria we’ll send you an email.View Resource
Safety is a top priority for many families and Edmonton has many neighborhoods with low crime rates and a strong sense of community. This guide helps you find the safest communities in Edmonton by highlighting the top neighborhoods in the city.View Resource
At the Matt Ferguson Group, we understand that buying a home can be a complex and stressful process. That's why we're proud to offer our clients a comprehensive Buyer Concierge Program, designed to make the home buying experience as smooth and effortless as possible. Our team of experts will be with you every step of the way, providing personalized service, expert advice, and all the resources you need to make informed decisions. From searching for properties, to negotiating deals and closing the sale, we'll be there to guide you and ensure that you find the perfect home at the right price. With our Buyer Concierge Program, you can rest assured that you're in good hands and that your dream home is just a phone call away.View Resource
You've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home.View Resource
A realtor is a licensed professional who is trained in the process of buying and selling real estate. Working with a realtor can save you time and effort, and can also help you get the best possible price for your home.View Resource