A Buyer's Guide to the Next Steps

🎉 Congratulations! Having your offer accepted is one of the most exciting milestones in the home buying journey. After searching for the right home and successfully negotiating an agreement, it's natural to feel excited and perhaps a little overwhelmed as you start thinking about moving day.

Before you receive the keys, there are still several important steps to complete. Some happen behind the scenes, while others will require action from you. The good news is that you won't be navigating them alone. My role is to guide you through every step of the process, answer your questions, and help make your purchase as smooth and stress-free as possible.

Every transaction is unique, but the steps below reflect what most buyers can expect after their offer has been accepted. If your purchase involves something a little different, I'll be there to guide you through it.

🔍 1. Your Subject Period (Due Diligence)

If your offer includes subjects (also called conditions), this is your opportunity to complete your due diligence before your purchase becomes firm.

The subject period is typically around two weeks, although it can be shorter or longer depending on the property and the terms negotiated in your Contract of Purchase and Sale.

During this time, you may be completing:

• 💰 Financing approval

• 🏠 Home inspection

• 🛡️ Arranging home insurance

• 📄 Reviewing strata documents (if applicable)

• 📋 Reviewing title, easements and covenants

• 🏢 Reviewing existing tenancy agreements (if applicable)

• 🚽 Septic inspection

• 💧 Well inspection

• 🧪 Water quality testing

• 🏛️ Reviewing permits or municipal information

• 🏡 Selling your current home (if your offer is subject to the sale of your home)

• ✔ Any other investigations specific to the property

Every home is different, so the subjects included in your contract will be tailored to your particular purchase.

💡 Meghan's Tip

If you're unsure whether something should be investigated during your subject period, ask! It's much easier to answer questions before subjects are removed than afterwards.

💰 2. Your Deposit

The timing of your deposit will be outlined in your Contract of Purchase and Sale.

The timing can vary depending on the terms of your contract and even local practices. For example, in the Parksville Qualicum Beach area it's common for the deposit to be paid after subjects have been removed, while in other areas, such as Nanaimo, it's often paid shortly after an accepted offer.

Regardless of when it's due, your deposit is held in trust and forms part of your down payment when the purchase completes.

💡 Meghan's Tip

As soon as your offer is accepted, confirm when your deposit is due and how it needs to be delivered. Deposits are typically made by bank draft or wire transfer. Bank drafts can usually be obtained the same day from your financial institution, while wire transfers can sometimes take up to 72 hours, so it's best not to leave arrangements until the last minute.

🏠 3. Arrange Your Home Inspection

A professional home inspection provides valuable information about the condition of the home you're buying.

No home is perfect, even a brand-new one. The inspection helps identify maintenance items, potential concerns and future repairs so you can make an informed decision.

Whenever possible, I encourage buyers to attend the inspection. It's a great opportunity to learn more about your new home and ask questions directly to the inspector.

If concerns are identified, there are often several possible outcomes. Depending on the situation, buyers and sellers may negotiate repairs, negotiate a price adjustment, agree on another solution or, in some cases, the buyer may decide not to proceed with the purchase.

If you don't already have a home inspector, I'm happy to recommend trusted professionals that my clients have had positive experiences with.

💡 Meghan's Tip

The goal of a home inspection isn't to find a perfect house. It's to understand the one you're buying.

💳 4. Finalize Your Financing

During your subject period, your lender will complete their final review of both the property and your mortgage application.

They may request additional documentation before providing final approval.

Until your purchase has completed, it's generally best to avoid:

• Financing a vehicle

• Opening new credit accounts

• Making large purchases

• Changing employment, if possible

Even positive financial changes can affect your mortgage approval.

If you don't already have a mortgage professional, I'm happy to recommend experienced mortgage brokers who regularly assist my clients.

🛡️ 5. Arrange Home Insurance

Before your purchase can complete, you'll need to arrange home insurance.

Your lawyer or notary will require confirmation that insurance is in place before they can finalize the transaction.

If you're purchasing a strata property, you'll still need insurance for your unit, personal belongings and personal liability, even though the building itself is insured by the strata corporation.

If you need an insurance provider, I'm happy to recommend trusted local professionals.

⚖️ 6. Choose Your Lawyer or Notary

Your lawyer or notary plays an important role in completing your purchase.

They will:

• Prepare the legal documents

• Receive and transfer funds

• Register the property in your name

• Calculate adjustments for property taxes, utilities and other items

• Coordinate with the seller's lawyer or notary

Before completion, you'll meet with them to sign documents and provide any remaining funds required to close the purchase.

If you haven't chosen a lawyer or notary yet, I'm happy to recommend experienced professionals who regularly assist my clients.

✅ 7. Subject Removal

Once you've completed your due diligence and you're satisfied moving forward, you'll sign documents removing your subjects.

This is an exciting milestone because your purchase generally becomes firm, and everyone begins preparing for completion and possession.

💡 Meghan's Tip

It's usually best to wait until your subjects have been removed before booking movers, ordering appliances or making other non-refundable commitments.

📝 8. Completion Day

Completion Day is the legal day ownership transfers to you.

On this day, your lawyer or notary transfers the purchase funds, completes the legal paperwork and registers the property in your name.

Although you now legally own the home, this usually isn't the day you move in.

🔑 9. Possession Day

Possession Day is the day you receive the keys and officially take possession of your new home.

This is usually one day after Completion Day, although sometimes it's two days later depending on what was negotiated in the contract.

Congratulations! It's finally time to move in and make the home your own.

❓ Frequently Asked Questions

🏠 What happens if the home inspection finds problems?

The purpose of a home inspection is to help you make an informed decision. Depending on the findings, buyers and sellers may negotiate repairs, a price adjustment, another mutually agreeable solution or, in some cases, the buyer may choose not to proceed with the purchase.

📏 Can I visit the property again before possession?

Usually, yes. Buyers often arrange another visit to take measurements, plan furniture placement or revisit the home before moving day. A final walkthrough may also be arranged shortly before possession to confirm the property is in substantially the same condition as when your offer was accepted.

🚚 When should I book movers?

It's generally best to wait until your subjects have been removed and your purchase is firm before making non-refundable moving arrangements.

🏢 What if the property is currently tenanted?

If the home is occupied by tenants, there may be additional timelines and legal considerations depending on the tenancy agreement and the terms of your contract. I'll guide you through those details so you know exactly what to expect before moving forward.

🤝 I don't know who to use for inspections, legal services or insurance.

One of the benefits of working with a REALTOR® is having access to a network of trusted professionals. I'm happy to recommend mortgage brokers, home inspectors, septic inspectors, well specialists, insurance providers, lawyers, notaries and other professionals that my clients have had positive experiences with.

🤝 I'm Here to Help

Buying a home involves many moving parts, and it's completely normal to have questions along the way.

One of the most important parts of my role is making sure you understand what's happening at every stage of the process so you can move forward with confidence.

Whether you're buying your first home, your next home, or simply planning for the future, I'm always happy to answer your questions and help you understand your options.

If you're preparing to buy a home, I also have a comprehensive Buyer's Guide that goes into even more detail. I'd be happy to send you a copy.

After all, an informed buyer is a confident buyer.

📚 Looking for More Client Guides?

This guide is part of my growing Client Guide series, designed to help buyers and sellers better understand the real estate process.

You may also find these guides helpful:

🏡 You Have an Accepted Offer... Now What Happens? (Seller's Guide)

🔜 Understanding Subject Removal

🔜 Completion Day vs. Possession Day

🔜 BC Assessment vs. Market Value

I'll continue adding new Client Guides over time, so be sure to check back for more helpful resources designed to make your real estate journey a little easier.

Questions about buying or selling on Vancouver Island? I'm always happy to help.