Offers, Conditions and Closing in Ontario

Negotiating offers

As showings progress, feedback and offers start arriving. Together you review and negotiate to secure the best combination of price, terms and conditions for your situation — the highest number on the front page is only one part of the picture.

Sold conditional

Offers can be accepted firm or conditional. Once an offer is accepted, the buyer submits a deposit to the listing brokerage within one business day unless otherwise agreed. A conditional offer includes requirements that must be satisfied — confirming title, property taxes, home inspection, document review, financing and insurability.

While a property is sold conditional, Carmen generally recommends continuing to show it until the sale is firm. Maintaining interest creates backup opportunities if the first deal falls through.

Sold firm

Once conditions are waived or fulfilled and the deposit is received in full, the property is sold firm. If a buyer backs out for reasons not covered in the agreement, the seller is generally entitled to retain the deposit — though the agreement terms should be reviewed and legal advice sought.

The final walk-through

Just before closing, the buyer has the right to walk through the property to confirm it is in the agreed condition and that any required repairs have been completed.

Closing day

On closing, the lawyers exchange legal documents such as the deed and statement of adjustments, funds transfer, keys change hands, and the new owners take possession. Adjustments for property taxes, utilities and other costs are settled as of this date.

Tip: avoid closing on a Friday. If issues arise with funds, paperwork or access, they may not be resolved until Monday. Closing earlier in the week leaves room to fix last-minute problems.