From conditions to a firm sale
Inspection, financing, the sale of another property: how conditions are removed, and what is left to do before the signing.
From conditions to a firm sale
Your offer has been accepted: congratulations. If it is conditional, the sale isn't firm yet, but each condition follows a predictable path.
Inspection
The buyer's inspector visits and delivers a report. Provide access and hand over your pre-listing inspection, if you have one.
Financing
The buyer's lender appraises the property. Respond quickly to its requests for documents.
Bank appraisal
Lower than the price? The buyer renegotiates or adds to the down payment. Your appraisal report backs you up.
Sale of the buyer's property
Your sale depends on another sale. It's the only condition covered by the clause below.
Before the signing
If the inspection reveals a problem
Three choices: repair, lower the price, or refuse and let the buyer withdraw. A defect already declared and reflected in the price is hard to reopen. For a truly new defect, get two quotes and negotiate based on numbers.
Removing the conditions
Each condition is removed in writing before the deadline. Once all are removed, the sale is firm. If a condition isn't removed in time, the offer lapses: you put the property back on the market, with photos and report already in hand.
While you wait
- Keep your home insurance until ownership is transferred.
- Don't change anything important: keep the property as it was seen.
- Confirm with the notary which documents to provide.
- Ask your lender for the exact amount to repay, and plan the discharge.
- Prepare your move: the notary will ask when you'll hand over the keys.
The pre-closing visit
The buyer visits again just before the signing. Leave the property clean and empty of your belongings; keep keys, remotes and manuals for the handover.