buyers are entitled to the home to be in the same condition it was upon purchase as it is on Moving Day. If something breaks, you must fix it within this window; however, if it was already broken, it’s not your problem. Now, please know that you absolutely cannot do the closing process alone, even as an FSBO. You’ll need to hire a lawyer to function as your closing agent. Your work isn’t finished yet. In fact, you’re just getting started. Keep these three things in the forefront of your mind, and your closing should go smoothly. 1. Your buyer must get their loan approved. In Canada, this process generally takes 5-10 days.. 2. You must meet all the expectations of the buyer’s lender. This could include an appraisal, title insurance, surveys, and title inspection. Remember, this changes from location to location and by lender. 3. The inspections come next. Hopefully, you’ve already done a pre-inspection and the ones required by the bank will run smoothly.
AFTER THE OFFER IS ACCEPTED
There are several hurdles to cross before the closing. You need to keep up with all the details that are swirling around you at this point and keep everything on schedule. l. The Loan Application: If this is a cash sale, then skip to #3; otherwise, the buyer, will initiate the loan application, usually within three to five days after the contract is fully negotiated and signed.
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