What Is the Typical Offer Process in the Lower Mainland?

How should you make an offer on a Lower Mainland home? Here’s a helpful guide.

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What does the typical offer process look like for a buyer in the Lower Mainland? We’re going over that today.

When you make an offer on a home, you have to consider terms and conditions, the price, and the closing and possession dates. The closing date is actually the date that you pay for the property and the possession date is the day you move in. You also have the deposit to make. Typically, the deposit is due after the subjects are removed from the property. Now, let’s take a closer look at the offer process from start to finish:

1. You make the offer. After negotiating back and forth, you will get to an accepted offer where all the terms are agreed to.

2. You enter the subject removal phase. This takes anywhere from seven to 10 days. During this time, you do your final approval for your financing, your inspections, and review the strata documents (if applicable).

3. Pay your bank draft. This is usually a deposit of around 5% of the purchase price. At that point, we have a firm deal and the bank draft goes into trust at the buyer’s agent’s brokerage.

4. Notify the lawyers. Inform lawyers on both the buyer and seller side of all the details. They will handle the transfer of money and title, and then all we have to do is wait.

5. Get the keys and move in. After the seller releases the keys, we’ll hand them off to you and we’re done.

This is the typical offer process in a normal market. When we have multiple offers, however, it’s quite different. If you have any questions about this or anything else relating to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

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