Mortgage Glossary

Accepted Offer

Once you have an accepted offer on the property you wish to buy, you will need to give some information to your mortgage broker. Either you (or your Realtor) will provide a copy of the Purchase Agreement to your mortgage broker - please do this as soon as you can. It would also help if you could provide a copy of the listing, showing the legal description, property taxes, tax roll number, lot size, and zoning.

The broker will ensure all the necessary documents, such as employment verification and proof of downpayment have been provided.
The mortgage broker and purchaser will then confirm the following - the exact mortgage amount, the interest rate, the term, the payment frequency.

The broker may need to order an appraisal and survey. This can take from a few hours to a few days, depending on location and how busy the market is.

Meanwhile, the Realtor will be overseeing any other conditions that need to be satisfied. For example, a building inspection may be required and the Realtor will arrange for the inspector to view the property.

What if the building inspector locates a problem? Your Realtor will discuss the next step with you. There are various solutions, depending on the problem.

You could decide that the problem is minor and accept the property as is.
You could try to negotiate a reduction in purchase price.
The vendors could fix the problem to your satisfaction.
You could refuse to remove the 'subject to...' and walk away from the deal.

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