STEP 7

Step 7. Satisfy the Subjects/Conditions of the Contract

Once you have an accepted offer, the very first thing you need to do is submit the deposit. The deposit is usually required within 48 hours of acceptance and is made out to the realtor’s brokerage in trust.

Next you will need to work through any conditions you put on the contract such as a building inspection and mortgage approval. It is important that each condition is met the way the purchase contract specifies. For example, a building inspection will have a due date that it needs to be completed and approved. If the buyer is satisfied with the results of the inspection, he/she will sign a subject removal form. If the buyer is not satisfied, he/she may choose to collapse the deal or have the realtor negotiate for credit from the sellers against the purchase price of the property. Once all the subjects are removed, the contract is considered firm and binding and neither party can back out of the process.

It is now time to start purging and packing!