P:604-767-1583 E:mdee@sutton.com

STAGES OF BUYING

Buyers Action
Offer - The buyer writes an offer on a property with their desired price, terms, and subjects. They will also set a completion date as well as a subject removal date.
Counter Offer - The buyers can accept or counter the offer again. This process can go back and forth until an agreeable price and terms have been met.
Due Diligence - The buyer should contact their lender to inform them that they have an accepted offer. The buyer is responsible for discovering and studying all relevant facts respecting the property with the assistance of their agent. This is also the time to complete a home inspection. The lender may want to appraise the property for financing.
Subject Removal - At this point, the buyer must decide if they will proceed with the purchase or not. If subjects are removed, the contract will become binding for the buyer.
Deposit - Once subjects are removed, the buyer must make their deposit. The amount of the deposit would have been agreed upon in the offer.
Conveyance - Both parties should now hire a lawyer or notary who will finalize the transfer of ownership and arrange for the final payments and prepare a statement of adjustments.
Completion - The final payment is due on completion.
Possession - Congratulations! You will get your new keys today!
It usually takes between 2-48 hours from the time an offer is submitted to the time it is accepted.
Subect removal is typically set for 1-2 weeks after offer acceptance. It is defined on the offer.
The deposit is typically required within 1-48 hours of subject removal. It is defined on the offer.
The completion date is often between 2-8 weeks after subject removal, but can be any length of time.
The possession date is typically the day after completion.
Sellers Action
Counter Offer - The seller can choose to accept the offer or counter the offer. If the seller proposes a counter offer, the buyer will have an opportunity to respond.
Offer Acceptance - Once both parties agree to the same price and terms, the offer becomes accepted. At this point, the contract is binding for the seller. The buyer, may still have conditions that need to be met.

Have Questions? Contact me at: 604-767-1583

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.