An Accepted Offer... What's Next?

Here's a list of some things that need to be done now that you have an accepted offer...

#1 Let your mortgage broker know that you have an accepted offer so he/she can start working on it right away. Time is of the essence! Your broker will also want a copy of the realtor MLS info sheet. I can email the contract & MLS REALTOR® info sheet to your mortgage broker. Ask your broker to send you (and me) written confirmation (email is fine) when you are officially approved stating that we can safely remove the financing subject.

#2 Get an inspection booked.

TIP ~ If you are unsure if your financing will be approved, book it so that it happens AFTER you know your financing has gone through or you are pretty certain it will be. No point in paying $$$ for an inspection until your broker/lender gives you the green light to remove/fulfill the financing condition. Just let me know when you'd like to do it, and I'll let the listing realtor know. I will let the inspector into the house and then I'll go away for a couple of hours and then return and meet you there for a WALK THROUGH. This is where the inspector will explain anything that he found during his inspection, and you will be able to have some Q&A at that time. Always get a professional inspection performed as they will record several pieces of information that your insurance company will be asking for. Trust me on this one – Uncle Bob will not do as good a job as a professional inspector will!

#3 You need to get your deposit into our Trust Account. You can drop it off at the office anytime between 9am-4:30pm Mon – Thurs and 9am-4pm on Fridays. The check needs to be made payable to "Pemberton Holmes Ltd in Trust". Check your contract to confirm what date (or when) the deposit is due!

Note: If you end up not being able to fulfill the subject conditions then you will (as long as all parties sign off) get your deposit back. If you need to be able to get your deposit back quickly then I would advise using a certified check.

#4 Take a good look at the Property Disclosure Statement and let me know if you have any questions about it or if there's anything on there that concerns you at all. I will also look over it to see if there’s anything on there that raises any red flags. Keep in mind that a property disclosure statement does not replace a professional inspection. The disclosure has several questions on it that asks “are you aware” and many times sellers are not aware of many aspects of their home and property so you should always do a full inspection.

#5 You will want to contact an insurance company and let them know you are buying a home and want to verify insurability. If you want, I can find out who the current insurer is, and you could contact them. It's up to you unless you have a preferred Insurance company you like to deal with.

#6 Take a look over the title and see if there's anything on there that is of concern. Again, I will also look over it to see if there’s anything on there that raises any red flags. I’ll also pull the charges that are registered on title and look over them as well. Sometimes these documents are difficult to interpret. If that’s the case, then it’s always good to get a lawyer or notary to interpret them for you to be on the safe side as I am not a lawyer.

#7 You need to select a notary or lawyer to convey your title. Let me know who you want to use so I can let our conveyancers know. If you don’t have a notary or lawyer and would like me to refer you to someone just let me know.

#8 IF you have any questions or concerns about the surrounding areas, potential development, or charges on title that are in favor of the municipality or the zoning and permitted uses, I would highly recommend that you visit the municipality in person and get all your questions answered directly from them. It’s advisable to have dialogue with them as inevitably you’ll end up with more questions as you start your dialogue.

#9 If you are purchasing a strata property... I'll get you all the strata documents so you can do a pile of SUPER EXCITING reading :o) It's important for you to read everything so that you know exactly what you're buying. Here in Canada you never really own property... you are just purchasing the rights to do    certain things ON that property so knowing the rights you have is essential to your purchase.

#10 If the property is on septic... You’ll need to book a septic inspection. You will pay for the inspection and usually the seller will pay for the pumping portion. The seller will also be responsible for making sure that the septic lids are exposed or pay for that portion of the inspection. This is another critical inspection as septic systems can be very costly and, in my experience, sellers don’t really know if their systems are operating correctly because all the components are buried underground.

#11 If the property is serviced by a well... You’ll probably want or need to get the water tested and find out how much water the well produces. It’s imperative that you get the test done asap as it usually takes several days to get the results back. If there is a problem with the quality of the water, it can hold up your financing. Lenders want to see a zero coliform count on the lab report. Many people try “shocking” the well (bleaching it) but sometimes what happens is the bleach splashes against the sides of the well casing and it stirs up more bacteria causing the coliform count to go up instead of down. Note: DO NOT collect the water samples yourself! Have the professionals do that so the samples do not get contaminated in any way. This is imperative.