After viewing several properties and considering their features, you decide to move forward with making an offer for a property. Here are some of the steps you can expect in the offer process:
1) Preparing an Offer - a contract is drafting outlining the price, the amount of the deposit to secure the contract and the proposed move-in dates. As well, any terms that will help satisfy you to the suitability of the property (eg. inspection, title, insurance, financing, etc) are outlined in the offer. These additional terms are often referred to as SUBJECTS, as in the sale of the property is SUBJECT to certain conditions being met.
2) Accepted Offer - the seller reviews the terms of your offer and can counter with terms (eg. dates, price, conditions) of their own. Once both parties agree to the details, the offer is considered to be an accepted offer.
3) Subject Removal - once the offer is accepted, the buyer and seller will work together to satisfy any terms or subjects that were outlined in the offer. eg. the offer might be subject to the buyer successfully aquiring a mortgage from the bank to finance the purchase. Once this term has been satisfied, the buyer removes the subject(s) and the buyer is then obligated to proceed with the purchase.
4) Conveyance - Once you have removed subjects, you will need to provide the contact information of your notary or lawyer to your realtor. Your notary/lawyer will process the documentation that will convey the title of the property from the seller to the buyer.