The condition of financing is usually quick to fulfill as most buyers have already been pre- approved. Once the terms of the agreement have been accepted by both sides the buyer will meet with their mortgage broker to begin finalizing the paperwork. The common range of time for this is 5-7 business days.
The inspection will take place on a pre-agreed upon date by both parties and will run roughly 2-3 hours. The buyer and their agent will accompany the inspector to your home while he/she conducts their inspection. Following the inspection the buyer will be handed a summary of the findings, at which point 4 things can happen:
- All will be good and they will sign the waiver removing that condition.
- There maybe issues they would like the seller to fix.
- The buyer will ask for money off the sale price which has variety of outcomes to consider and we will walk you through all of them.
- There is an issue with the home and the buyer is unwilling to move forward with the sale in which case the deposit will be returned to the buyer.
In the case of a condo sale the Status Certificate will be ordered by the seller at their own expense ($100) and usually takes between 6-10 business day to receive. The document will then be reviewed by the buyer’s lawyer which can take 1-3 business days. This condition is for the benefit of the buyer and if the document is satisfactory to them they will sign the waiver, removing the condition.
Once all the conditions have been met and the waiver/waivers have been signed the deal becomes firm and your home is officially sold!
