So you’ve sold your home, or you’ve purchased a new home: Congratulations! Although it may seem like an accepted offer is the end of your real estate journey, it is truly just the beginning. There are still a few important dates and events to take place after an agreement is reached on your home. In this short blog, we’re going to take you through these important dates over the timeline of your purchase or sale, and explain what is to be expected at each step.
Irrevocable Date: is the date & time, or deadline, to make a decision in regards to an offer on a home. During this period, the purchaser is not able to rescind or take back their offer, and the seller is given a specific period of time to make the decision to accept, decline, or sign back the offer.
Offer Acceptance Date: This is the date that the offer to purchase a property is accepted. On this date, the decisions as to chattels, fixtures, and subsequent dates such as the title search date and completion date are decided upon.
Inspection Date: is the date on which an examination of the property’s condition is preformed. A qualified home inspector assesses the properties roof, foundation, heating/cool, plumbing, sewage, etc. In addition, the inspector will look for damage or any other issue that may affect the value of the property.
Title Search Date: A requisition date, often referred to as a title search deadline date, is the last date upon which a buyer’s lawyer can require the seller to clear up any title problems. This may be important, especially if the buyer intends to mortgage the property. The lender will require clear title before advancing any funds.
Completion Date: is the date when title to the property transfers to the new owner at the land registry or land titles office, frequently referred to as the closing date. When the deed or transfer is accepted for registration, the transaction is complete, and money and keys are exchanged.
Have you sold/are in the process of selling your home, and now can use an advance on your equity before closing day, perhaps you need money for your new purchase deposit? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.