- Mortgage application and approval
- Submit offer: Valid for 24 hours, 3% deposit
- Offer accepted: The binding of “Contract for sale & purchase of real estate”
- Home inspection: Within 4-7 days of accepted offer with following response to seller within 1-2 days
- Review of documents and budget
- Appraisal: Bank sends appraiser to property
- Mortgage approval: Funding from the bank 17-25 days after accepted offer in most cases
- Loan documents: Signature of buyer and seller
- Closing: Down-payment balance, closing costs due in “clear funds ” or wire transfer