Write an Offer - After writing an offer you will either received a counter offer, acceptance or no response from the seller. Offers are typically left open for 24 hours to allow the seller to respond. Negotiations occur up until an accepted offer is reached.
Accepted Offer - Reaching an accepted offer means that both parties have come to an agreement on items such as, but not limited to: Price, completion and possession dates, deposit amounts, included & excluded items, conditions/ subjects of the offer and how many days until these subjects must be removed.
Subject Removal - This is the day the conditions of your offer to purchase are removed and your contract becomes binding and unconditional. All conditions, such as completing a home inspection must be completed before the subject removal date. Typically a 5% deposit is due at this time and payable to the trust account of your agent’s brokerage.
Completion - On this day the ownership of title and the land title office is changed from the seller’s name to the buyer’s. This is also the day funds are transferred and any down payments are payable to your lawyer or notary’s trust account
Adjustments - This is the date used to calculate any adjustments between the buyer and the seller. Examples of adjustments include: Reimbursement for prepaid property taxes, prepaid strata fees and annual city utility fees.
Possession - The possession date is most commonly one date after the completion date. This is the day your agent will happily hand over the keys to your new home! Typically possession occurs at 12 pm, specific times can be negotiated and agreed upon before an accepted offer is reached.