A lot of people pose the question; “When is my place actually a done deal”. Many sellers are confused about when their home is officially sold.
When an offer with subjects and conditions is presented to a seller, it means that the property is pending. You should still have your Realtor continue to show the property as things can change in the buyers eyes and they can still back out.
Keep Showing Your Property / Doing Open Houses
It is only a done deal when all the subjects and conditions have been removed – making a firm and binding deal. I always like to continue showing the property as deals do tend to fall through every now and then. This will help you to keep going with the sale of your home if the offer falls through. We then will have a list of interested people who have previously viewed and someone may be delighted to find out that they can now purchase the home themselves as they were disappointed it was not available by the time they got to see it.
You also have the option of writing a backup offer in case there is another party that decides to make an offer on your home during the pending period. This works great for two reasons. 1, it puts pressure on the current buyers to stick to it knowing there is more interest and 2, you have a plan B in case the first offer falls through – Win / Win for you!
Long Story Short – Your Home is Sold When Title is Transferred!
To Sum it up, here is when you home is sold:
4. Accepted Offer
5. Subject Removal Period (Inspections, meeting financing, Documents, etc…)
6. Subjects Removed – Firm and Legal Deal
7. Closing Date – Title Transferred = SOLD!
There are more steps and things to do all along the way but these are the Coles notes of it all.