Start With These Guides

These three guides explain what happens during the final stage of a home purchase—from the first steps after your offer is accepted to closing day and some of the issues that can arise along the way.

Home buyers speaking with their REALTOR® after an accepted offer

Your Offer Was Accepted — What Happens Next?

An accepted offer starts the next stage of the buying process. Learn what happens with conditions, inspections, financing, insurance and the other steps that may need to be completed before closing.

Nova Scotia home ready for possession with moving boxes near the entrance

What Happens on Closing Day When You Buy a Home in Nova Scotia?

Closing day brings together the legal, financial and practical pieces of your purchase. Learn what happens behind the scenes, when ownership transfers and how possession and keys are typically handled.

Buyer and REALTOR® completing a final walkthrough before closing

What Can Go Wrong Between an Accepted Offer and Closing?

Most purchases move toward closing as planned, but issues can still arise. Learn about financing, insurance, property damage, title concerns, final walkthrough problems and other situations buyers may encounter before closing.

An Accepted Offer Is the Beginning of the Next Stage

Once an offer is accepted, the agreement sets out what needs to happen next and when. For many buyers, the first priority is completing any conditions included in the offer.

These conditions provide time to investigate specific parts of the purchase before deciding whether to proceed.

Know Your Deadlines

Financing, inspection and other conditions normally have specific dates attached to them. Missing a deadline can have consequences, so it's important to know what needs to happen and when.

Complete the Required Investigations

Depending on the property and your agreement, this may include financing approval, a home inspection, insurance confirmation, water or septic testing or other investigations.

Decide How to Proceed

Once the information required for a condition has been gathered, you may need to decide whether to satisfy the condition, seek an agreed change to the transaction or exercise whatever rights are available under the agreement.

KEEP TRACK OF YOUR CONDITIONS

After acceptance, make sure you understand:

  • Which conditions are in your agreement
  • When each condition must be completed
  • What information is still needed
  • Who is responsible for arranging each step
  • What needs to happen before a condition is satisfied

Your REALTOR® can help you keep track of the transaction and the deadlines contained in your agreement.

Once Conditions Are Satisfied, the Focus Shifts to Closing

Once the conditions in your agreement have been satisfied, there may be fewer decisions to make, but there is still work happening before the property becomes yours.

Your lender, lawyer, REALTOR® and insurance provider may each be completing different parts of the transaction while you prepare for closing and possession.

Your Financing Moves Toward Completion

Your lender may still require documents, information or other steps before mortgage funds are advanced for closing. Continue responding to requests and avoid making significant financial changes without discussing them with your mortgage professional.

Your Lawyer Prepares for the Transfer

Your lawyer handles the legal work required for closing, which can include reviewing title information, preparing documents, arranging the transfer of funds and completing the steps necessary to transfer ownership.

You Prepare for Possession

This is also the time to arrange utilities, confirm insurance, plan your move and take care of the practical details needed for the day the property becomes yours.

Living room with packed moving boxes as homeowners prepare for closing

KEEP RESPONDING TO REQUESTS

Satisfied conditions don't mean there is nothing left to do.

Watch for requests from your lender, lawyer, REALTOR® and insurance provider, and make sure the remaining pieces are in place before closing day.

The Final Walkthrough Is One Last Look Before Closing

Shortly before closing, buyers will typically have an opportunity to walk through the property again.

This isn't another home inspection. The purpose is to confirm that the property is generally in the condition expected under the agreement and that anything the seller agreed to complete has been addressed.

Buyer and REALTOR® walking through an empty home before closing

Has the Property Changed?

Look for significant changes or damage that may have occurred since you last saw the home.

Are the Agreed Items Still There?

Confirm that fixtures, appliances or other items included in the purchase remain at the property as expected.

Was Agreed Work Completed?

If the seller agreed to repairs or other work before closing, the walkthrough provides an opportunity to check that it appears to have been completed.

THIS ISN'T THE TIME FOR A NEW INSPECTION

The final walkthrough isn't intended to reopen issues that were previously accepted or to evaluate the home again from the beginning.

It's a final opportunity to make sure the property you're about to take possession of is generally what you agreed to purchase.

What Happens on Closing Day?

Closing day is when the legal and financial pieces of the transaction come together and ownership of the property transfers from the seller to the buyer.

Much of what happens takes place behind the scenes between lawyers, lenders and the other professionals involved in the transaction.

Your Lawyer Completes the Legal Work

Your lawyer works through the documents, funds and registration requirements needed to complete the purchase and transfer ownership.

Your Mortgage Funds Are Advanced

If you're financing the purchase, your lender provides the mortgage funds through the closing process once its requirements have been met.

The Transaction Is Completed

Once the necessary funds, documents and legal requirements are in place, the purchase can close and possession can be provided in accordance with the agreement.

WHEN DO YOU GET THE KEYS?

Closing day doesn't necessarily mean you'll receive the keys first thing in the morning.

The legal and financial parts of the transaction need to be completed before possession can be released.

Your REALTOR® and lawyer can keep you informed as the closing progresses, so it's best to wait for confirmation that the transaction has closed before assuming the property is ready for possession.

What If Something Changes Before Closing?

Most transactions move from an accepted offer to closing without a major problem, but circumstances can change during the time between those two dates.

If something unexpected happens, the appropriate response depends on the issue, the purchase agreement and the advice of the professionals involved.

Financing or Insurance Changes

Final financing or insurance can sometimes be affected by new information about the property or a change in the buyer's circumstances. Contact the appropriate professional quickly if something changes.

Something Happens to the Property

Damage, a new leak, failure of a system or another change in the property's condition before closing may need to be addressed under the terms of the agreement.

A Closing Issue Is Discovered

Title, documentation, outstanding work or another issue may occasionally surface as the lawyer and other professionals complete their work before closing.

DON'T TRY TO SOLVE A CLOSING PROBLEM ON YOUR OWN

If something unexpected happens, contact your REALTOR® and the appropriate professional rather than making assumptions about what it means for the purchase.

The available options can depend on what happened, when it happened and what your agreement says.

A Little Preparation Can Make Possession Day Easier

As closing approaches, attention naturally shifts from the transaction itself to getting ready for the home.

Taking care of a few practical details ahead of time can make the transition easier once you receive confirmation that the purchase has closed.

Arrange Your Utilities

Confirm which utilities or services need to be transferred or opened in your name and when those changes should take effect.

Keep Your Insurance in Place

Make sure the insurance arrangements required for closing are finalized and effective when needed.

Plan the Move Around Possession

Avoid assuming you'll have access to the property early on closing day. Whenever possible, leave some flexibility in moving plans until the transaction has officially closed.

Nova Scotia home entrance with moving boxes ready for possession

WAIT FOR CONFIRMATION BEFORE TAKING POSSESSION

Even when everything is proceeding normally, the exact time a transaction closes can vary.

Wait until you've received confirmation that the purchase has closed and possession can be released before entering the property or beginning your move.

You've Made It to Closing

WHERE TO GO FROM HERE

Once the transaction has closed and possession has been released, the buying process is complete—but owning the home is just beginning.

Keep your purchase documents somewhere safe, become familiar with the home's systems and maintenance needs, and give yourself some time to settle in and learn how the property works through different seasons.

If questions come up after closing, knowing which professional to contact can help you find the right information.

Explore More Buyer Resources

CONTINUE EXPLORING

Every home purchase is a little different, and questions can come up at any stage of the process.

Return to the Buyer Resource Centre to explore practical guides on preparing to buy, choosing a location, understanding a property, inspections, offers, financing, special property types and the steps leading to closing.

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