We may have bought a house (1) – the process

Yesterday evening we had our offer accepted on a modern townhouse in the Upper Beaches area.

The house was first listed on MLS on Friday, we saw it at an open house on Saturday and our realtor immediately started working on our offer and indicated our interest. He then presented the offer to the sellers and their realtor last night at 6.15pm, whilst we waited round the corner so that the contract could go backwards and forwards with minor adjustments (and lots of signatures!). Once it was finally accepted, we were invited to meet the sellers, which was lovely and meant that we got to see round the house again straight away! At this stage, the contract is only partially binding on us subject to conditions, which have to be lifted by Wednesday evening, but is binding on the seller.

Today we had to get a bank draft for the deposit and deliver this to be held in trust by the realtor. We also saw our lawyer to go through the legal requirements and costs. Tomorrow we will have the home inspection. This is similar to a home buyers report except that we and the realtor will walk through the property with the inspector and will have the chance to ask him questions. We also hope to have confirmation of our mortgage. These are the two conditions that we need to lift. Assuming these are fine, we then move to a binding contract (subject only to any legal issues that might emerge) and our lawyer starts his checks (similar to those in the UK).

If all is well, closing (completion) will take place between 30 November and 14 December, to be confirmed by 16 November.

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