What Happens After an Offer Is Accepted?
The moment your offer is accepted is a thrilling experience, but there are still a few more things to be done before you can take possession of your new home. Knowing what happens next helps you feel confident, prepared, and stress-free throughout the home-buying process.
Here’s a step-by-step guide of what happens after your offer is accepted when buying a home in Edmonton:
Step 1: Initial Deposit Is Paid
The first thing that happens after your offer is accepted is the payment of your initial deposit.
The amount is usually $5,000 or $10,000, depending on what was agreed upon in the purchase contract.
This deposit is placed in trust, shows the seller that you are serious about the purchase, and will be applied towards your purchase on closing day.
Step 2: Mortgage Approval
After the deposit has been paid, the mortgage approval process begins.
Your lender will be verifying your income, credit, employment, the purchase price and down payment required, and order an appraisal if necessary.
Even if you have been pre-approved, this step is necessary to confirm that the mortgage is for this specific property.
After the lender has verified everything, you will receive a mortgage approval. This is a significant step and is usually one of the conditions of the sale.
Step 3: Home Inspection Takes Place
The next step is the home inspection, which is for your benefit as the buyer.
A licensed home inspector will examine the roof, foundation, electrical, plumbing, heating systems, windows, insulation, safety features and overall structure of the property.
If any problems are discovered, your realtor can ask for repairs, request a price reduction/credit from the sellers, or will advise on whether it is best to walk away.
Step 4: Condo Documents Reviewed (if applicable)
If you are purchasing a condo, townhouse, or property with a condo board, condo documents are reviewed simultaneously with the inspection.
A professional reviewer reviews Financial statements, Reserve fund study, Meeting minutes, Bylaws and rules.
This step ensures there are no hidden financial issues or upcoming special assessments on the complex or the unit you’re purchasing.
Step 5: Conditions Are Satisfied & Waiver Is Signed
After all mortgage approval, inspection, and condo document reviews are satisfactory, you sign a Waiver of Conditions.
Signing a waiver means that the sale is firm and the home is sold to you.
In some rare instances, a further deposit may be required (this is not common and only if specified in the agreement)
At this stage, both the buyer and seller are committed to the sale, and neither of them can backout from the agreement.
Step 6: Repairs or Inspection Findings (If Any)
If repairs were negotiated as a result of the inspection, either the sellers complete the repairs, or a credit/price adjustment is negotiated and finalized
All of this is documented so there are no surprises down the line.
Step 7: Pre-Possession Walkthrough
Before possession, you will conduct a final walk-through of the property with your buyer’s agent.
This is to ensure that the home is in the agreed-upon condition, repairs were made (if applicable), and included appliances are accounted for and in working order
If there is an issue, your realtor will take care of it before the closing.
Step 8: Closing Documents Are Signed
You will meet with your real estate lawyer to sign the final closing documents.
Your lawyer will take care of Title transfer, Legal paperwork, Mortgage registration, Property tax and utility adjustments.
This normally takes place 1–2 days before the possession date.
Funds Transfer: On the closing day, the mortgage funds are transferred, buyer funds are transferred, and the title is registered in your name. All this is coordinated between the banks and lawyers.
Step 10: Possession Day – Key Handover Day
After the release of the funds to the sellers, your lawyer will confirm the registration, you will receive the keys and the property is now yours!
Welcome home!
Understanding what happens after your offer is accepted eliminates confusion and ensures a smooth process. Each step from deposit to possession day is crucial, and the right real estate team ensures that nothing is left undone.
At Team Sethi, buyers are led through each step, coordinating lenders, inspectors, lawyers, and timelines to ensure a confident, clear, and stress-free buying experience.
