Buyer Guide
After Your Offer Is Accepted: 5 Steps to Possession Day
An accepted offer is a big moment — but there are still a few important steps before possession day.
1. The conditions
Most offers come with conditions — usually financing and inspection. The buyer must satisfy them by the condition date, or the deal can fall through.
2. The home inspection
The buyer hires an inspector to go through the home top to bottom. Small issues are normal; the key is identifying major structural or safety concerns.
3. Financing and appraisal
The buyer finalizes the mortgage and the lender may order an appraisal. If it comes in low, the down payment may need to increase or the price renegotiated.
4. Conditions waived
Once each condition is met, the buyer removes them in writing. That’s the moment the sale goes firm — the deal is now binding.
5. Possession day
On possession day the lawyer closes the deal, funds transfer, and keys change hands. In Alberta, a real estate lawyer handles the legal transfer.
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