You made the offer. The seller said yes. Your phone buzzes with congratulations from your realtor, and for a moment, it feels like the hard part is over. It isn’t. Not quite. Here is what happens after the offer is accepted.
The period between an accepted offer and closing day is one of the most important — and most misunderstood — stretches of the home buying journey. Things can go smoothly or they can go sideways, and the difference often comes down to knowing what to expect and staying on top of your responsibilities.
Step 1: The Deposit (Usually Within 24–48 Hours)
Once your offer is accepted, you’ll need to provide your deposit — typically 1–5% of the purchase price, though this varies by market and agreement. This goes into your real estate agent’s trust account and is held until closing.
The deposit is not your down payment. It’s applied toward your down payment at closing. But it is at risk if you walk away without a valid condition to rely on — so take this step seriously.
Step 2: Satisfy Your Conditions (Usually 5–10 Business Days)
Most offers in Canada are conditional on at least one or two things. Common conditions include:
Financing condition: Your mortgage broker submits your full application to the lender with the accepted offer and property address. The lender orders an appraisal. This is where a full pre- approval really pays off — if your finances were already verified, this step moves quickly.
Home inspection condition: A licensed home inspector examines the property and provides a written report. Budget $500–$800 and attend the inspection if you can. Ask questions. Read the full report, not just the summary.
Status certificate (for condos): If you’re buying a condo, your lawyer reviews the strata/condo corporation’s financials, meeting minutes, bylaws, and reserve fund to ensure there are no red flags — special levies, ongoing disputes, or under-funded reserves.
Once all conditions are satisfied, you formally waive them and the deal becomes firm.
Step 3: Secure Your Mortgage (Immediately After Going Firm)
With a firm deal in hand, your broker finalises your mortgage with the lender. At this point you’ll confirm your rate, amortization, payment frequency, and any prepayment options. Review everything carefully — these are the terms you’ll live with for the next several years.
If you’re deciding between rate options at this stage, our post on fixed vs. variable rates in 2026 is a useful reference.
Step 4: Hire a Real Estate Lawyer
Your lawyer handles the legal transfer of ownership. They’ll review the title, confirm there are no liens or encumbrances, calculate adjustments (property taxes, utilities, strata fees), and prepare the mortgage documents for signing.
Provide your lawyer with your mortgage commitment, identification, and any documents they request promptly. Delays on your end can create problems at closing.
Step 5: Get Home Insurance
Before your lender will fund the mortgage, you’ll need proof of home insurance in place effective on your closing date. Get quotes early — some older homes, properties with oil heating, or homes with knob-and-tube wiring can be harder to insure than you expect. Your lender needs the binder letter before they’ll send funds to your lawyer.
Step 6: Final Walk-Through
A day or two before closing, most buyers do a final walk-through of the property. You’re confirming that the home is in the same condition as when you made the offer, that all agreed- upon inclusions (appliances, fixtures) are present, and that no new damage has occurred.
If something is materially wrong, notify your lawyer immediately — you have options.
Step 7: Closing Day
On closing day, your lawyer receives the mortgage funds from the lender, pays the seller, registers the transfer of title, and hands you the keys.
You won’t typically be present for most of this — it happens between lawyers and in the land registry office. But you will need to sign a stack of documents a day or two beforehand, including your mortgage documents.
Make sure your down payment and closing costs are in your lawyer’s trust account at least one business day before closing. Wire transfers take time.
What Not to Do Between Accepted Offer and Closing
This is critical: do not make any major financial changes between offer acceptance and closing day.
Do not:
- Quit or change jobs
- Apply for new credit cards or loans
- Make large unexplained deposits
- Finance a new car
Lenders sometimes do a final verification of your employment and credit just before funding. Any of the above can jeopardise your mortgage approval at the worst possible moment.
You’re Almost There
The finish line is close. Stay organised, respond to requests from your lawyer and broker quickly, and don’t be afraid to ask questions at every step. That’s what we’re here for.