Facebook
X
Pinterest
Copy Link
What actually happens once you decide to make an offer?
The process can feel overwhelming at first, especially for first-time buyers or people relocating to Ontario, but in reality it’s quite manageable when you understand the main steps.
Here’s a simple overview of what to expect.
1. Preparing the Offer
Once you find a property you’re interested in, we’ll review the asking price, comparable sales, market conditions, and any information available about the property. Together, we’ll decide on:
- Offer price
- Closing date
- Deposit amount
- Conditions (financing, inspection, insurance, etc.)
- Any inclusions or exclusions
Every situation is different. Some offers are straightforward, while others involve competing offers or negotiation.
2. Signing the Paperwork
The main document used in Ontario is called the Agreement of Purchase and Sale (Form 100). Most documents today are signed electronically, making the process simple even for remote buyers.
Depending on the property, there may also be supporting documents such as:
- Seller disclosures
- Utility information
- Property surveys
- Condo documents
- Schedules and disclosures
Before submitting an offer, Ontario regulations also require a few administrative steps such as identity verification and a buyer representation agreement.
3. Deposit
If your offer is accepted, a deposit is typically due within 24 hours. The deposit is held in trust by the listing brokerage until closing and forms part of the purchase price — it is not an additional fee.
In many cases, deposits can be sent conveniently by e-transfer.
4. Conditional Period
Many offers include conditions such as:
- Financing approval
- Home inspection
- Insurance confirmation
This gives buyers time to complete their due diligence before the purchase becomes firm. During this stage, I help coordinate inspections, communicate with the listing side, and make sure deadlines are properly managed.
5. Lawyer & Closing Costs
Once an offer is accepted, you’ll also need a lawyer licensed in Ontario to handle the closing process and transfer of ownership.
In addition to the purchase price, buyers should budget for closing costs such as:
- Legal fees
- Land Transfer Tax
- Title insurance
- Adjustments for taxes or utilities
- Insurance setup
- Mortgage-related costs (if applicable)
For example, the Ontario Land Transfer Tax on a $400,000 purchase is approximately $4,475.
6. Closing Day
On closing day, your lawyer transfers the funds, registers the property in your name, and coordinates key release. Once everything is complete, the home officially becomes yours.
Every transaction is different, but having a clear process — and good communication — makes a huge difference.
Whether you’re actively looking, just starting to explore, or simply curious about the market, feel free to reach out anytime with questions.
Updated by Nacho Boveri, a real estate agent based in Kenora with a passion for life on Lake of the Woods. Whether you’re looking to buy or sell property, or simply enjoy keeping up with local conditions and seasonal changes, I’m glad you’re here.
