Between Contract and Closing
YOU HAVE AN ACCEPTABLE OFFER
Congratulations! At this time you have entered into a contract of purchase and sale, agreed to a sale price and area ready to sell your home.
If the contract contained contingencies, also referred as conditions or subjects, these will need to be accomplished during the period specified. The purpose of a subject clause contained in an offer to purchase is to set out a specific condition that must be fulfilled before the sale can go through. Timing is critical at this stage, so ensuring access for the inspections, appraisals and surveys is a priority.
The buyer must make their best efforts to fulfill their conditions. However, if one of the conditions contained in a subject clause cannot be met after every reasonable effort has been made to do so, the contract ends and there is no legal obligation to complete.
Alternatively, where the conditions are removed on time and, when no other conditions remain, you now have an unconditional contract that will proceed to completion.
Next, you’re going to want a lawyer or notary, preferably one who specializes in real estate conveyancing. At Coast Realty Group, we have an established network of local lawyers and notaries, and can assist you by making some recommendations which will help you find one that best suits your needs. Once we have lawyers or notaries names for both parties, we will send them a copy of your contract. A few days before completion, the lawyer will be in touch with you to make an appointment.
Unless otherwise noted in the sales contract, the home shall be in substantially the same condition as one of the date the Buyer viewed the home. It is the Sellers responsibility to ensure that there are no material changes. Just a reminder.. all fixtures that are not specifically excluded from the sale must remain in the home.
The Buyer is likely to move into their new home on the date of possession, so it is always considerate to leave the home in a condition that you, yourself, would be happy to move into.