🚩I believe this information will be helpful for buyers and sellers of their first real estate property.🚩
Wednesday Nov 08th, 2023
📌Here are the details about the period between selling the house and the closing date. (handing over the keys to the new owner):
When a buyer makes an offer, and the seller accepts it, the buyer has to give a deposit within 24 hours of signing the contract. This sum of money guarantees that the buyers will purchase the home, and the deal will close on the day specified in the contract.
🛎What the buyer needs to know:
• After the seller accepts the offer, the buyer's money ( deposit) will be placed in a trust account.
• If the contract includes any conditions, specific days are specified to address these issues (for example, a home inspection). If the issues are not resolved, the deposit is returned to the buyer, and the deal is terminated.
• The lender will order an appraisal of the property.
• During this period, it is advisable not to open other lines of credit, make significant purchases, or change jobs.
After completing the inspection and appraisal, buyers need to take the following additional important steps:
• Schedule a home viewing/inspection before closing the deal.
• Transfer utility bills.
• Insure the property.
• Arrange for movers if needed.
• Arrange for an elevator if buying an apartment.
🛎What every seller needs to know:
• Sellers must ensure that everything in the house is in good working condition.
• If there are any known issues with the house that need to be resolved, sellers should address them before the final inspection by the buyers.
• If the inspection report identifies problems that both parties have agreed to address, these repairs are carried out before the final inspection by the buyers.
• For the appraisal, the home must be in a condition ready for viewing to ensure an accurate valuation based on the accepted offer.
• Twenty-four hours before closing, the buyers and their real estate agent will come for a final walkthrough. The home should be in the same condition as when the offer was made.
• When selling a home, sellers must provide documents related to the property.
• As a gesture of goodwill to the buyers, sellers usually leave any other home-related guides, such as instructions for specific home systems, paint color codes, and landscaping care tips.
Should you need further information, I'll be only too pleased to provide it.
(416) 735-3158Alla Poltavski Sales Repki Sales Rep
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