What Happens After Your Offer Is Accepted?
Once an offer to purchase a home has been accepted, several legal, financial and administrative steps still need to be completed before possession. Understanding what happens between the accepted offer and closing day can help buyers prepare for the next stage of the transaction.
The Purchase Contract Is Finalized
The accepted purchase contract establishes the basic terms of the transaction, including the purchase price, possession date and any conditions agreed to by the buyer and seller.
Conditions involving financing, property inspections or other matters generally need to be satisfied or waived according to the deadlines contained in the agreement.
Once the transaction is proceeding, your real estate lawyer will require a copy of the completed purchase contract and any amendments.
Your Lawyer Receives the File
Your REALTOR® typically forwards the transaction documents to your lawyer.
Your lender may also send mortgage instructions directly to the law firm if financing is involved. These instructions contain information your lawyer needs to prepare the mortgage documentation and complete the lender’s legal requirements.
The Property Title Is Reviewed
Your lawyer reviews the property title to confirm ownership and identify registrations that may affect the transaction.
These can include existing mortgages, easements, caveats or other interests registered against the property.
Any title issues requiring attention can then be addressed before closing.
Closing Documents Are Prepared
Your lawyer prepares the documents required to complete the purchase. Buyers will usually attend an appointment before closing to review and sign the necessary paperwork.
You may also be asked to provide government issued identification, proof of property insurance and the remaining funds required to complete the purchase.
Closing Adjustments Are Calculated
Certain costs may need to be divided between the buyer and seller based on the possession date. Property taxes and condominium fees are common examples.
These adjustments are incorporated into the final amount required to complete the transaction.
Ownership Is Registered
Your lawyer coordinates the transfer of funds and registration of the property through Alberta Land Titles.
Once the legal and financial requirements have been completed, possession can proceed according to the purchase contract.
Alberta Law Office assists buyers throughout Edmonton and Alberta with residential purchases, mortgage documentation, title review and closing requirements. Visit our Real Estate Law page to learn more about our services for home buyers and sellers.
