The offer has been accepted! Now we need to satisfy the conditions.
Most conditions, or subjects as they are commonly called, are put in place to proctect the Buyer before the transaction becomes final. We use this time to do as much due diligence on the property we can, before making the final committment to purchase the home, and we typically allow one to two weeks to satisfy these conditions. Some of the most common conditions are:
- Reviewing and Approving the Title and Property Disclosure Statement
- Home Inspection
- Approving Strata Documents if applicable
- Obtaining legal or accounting advice if necessary
- Being approved for home insurance
As the Buyer, getting these subjects removed will involve arranging for the home inspection, getting the rest of your personal information and the property information to your mortgage broker or bank, and arranging to get any other information that might be necessary - like surveys, water tests, and strata documents, as well as investigating the property at city hall or the Regional District office.
As a Realtor, it is my job to help you make the necessary arrangements to ensure that the entire process runs smoothly before the deadline. We have a team of professionals available to assist us in moving through this process.
Sometimes there are conditions included that are for the benefit of the Seller that they will have to complete and sign off on too, but generally speaking, most conditions in an offer are for the buyer's benefit.
Once all of the conditions have been satisfied and have been signed off on the sale is official and it's time to celebrate!
It is at this time, your deposit will typically become due and payable, and the property will be reported as sold...so you can go and get your picture taken in front of the sold sign, which is always a highlight...as seen in the video below!!
If you have any questions about the home buying process, let us know - we are always here to help!