Selling—Timeline
Find out what to expect when selling a home. Let our years of experience work for you. At the Eximus Real Estate Team, we can help you with every step of the process by offering advice, guidance, and knowledge based on years of experience in helping hundreds of families move every year. Here is a general timeline of the process and activities when you are selling your home:
Time of Offer
Accepted Offer: This is when all parties agree on the terms of the sale, the contract is fully signed, and changes have been initialed. There are still conditions—or subjects—to the contract that the buyer or seller is under obligation to resolve before the sale becomes firm. For example, a common subject is for the buyer arranging suitable financing.
There is an agreed upon date at which the subjects must be removed from the contract usually one to one-and-a-half weeks after the contract date.
During Subject Removal Period
Some of the most common subjects that appear during the subject removal period include:
- Obtaining satisfactory financing
- Receiving and approving a property disclosure statement
- Receiving and approving an inspection report
- Receiving and approving a title search
- Receiving and approving all strata documents
1-1.5 Weeks After Offer is Accepted
Subject Removal: An addendum to the contract is signed stating that all conditions to the sale have been removed, and the property is considered “sold firm”.
After Subjects Are Removed
Lawyer or Notary: It is a good idea to choose your lawyer or notary immediately after the deal is firm. That way, our office can send the paperwork 2-4 weeks prior to the completion date. We want to make sure that the sale process is smooth and that all the paperwork is taken care of as quickly as possible.
Prepare to Move: Between subject removal and title transfer, it is a good time to start planning to move. Please see our moving checklist to help you as you prepare to move.
1 Week Before Closing
Sign Documents with Lawyer or Notary: About one week before the closing date, your lawyer or notary will schedule a meeting with you to sign all the necessary documents.
Follow Up Call: About one week before closing, we will touch base with your lawyer or notary to make sure that everything is going smoothly and that they are prepared to close your deal successfully the next week.
Closing Date
Completion: On the day your deal is complete, you will receive the money for your property and the title changes hands. You will receive a call from our office as soon as we get the good news from the lawyer or notary.
Transfer of Title: This clears the seller of all financial encumbrances associated with the property: any amounts owing (strata fees in arrears) are paid for out of the selling price, making it a clear title. The title now goes under the buyer’s name and any new financial encumbrances (i.e. mortgage) are applied.
1-2 Days After Closing
Possession Date: On this day, possession of the property legally belongs to the buyer. At this time, they are given the keys and they can begin to move in.