What Happens After an Offer is Accepted?

Posted on Jan 09, 2026



A new year brings new opportunities, and moving can be a powerful way to start fresh. When selling your home, receiving an offer is an important milestone. Knowing what an offer means and how it works can help ensure a smooth and successful transaction.

What an Accepted Offer Means


An accepted offer is a legally binding agreement where both seller and buyer agree to the terms of the sale. If the offer includes conditions, it remains “conditional” until they are met or waived. Once conditions are satisfied, the offer becomes firm, and the deal moves toward closing.

The Deposit


A key step after an offer is accepted is the deposit, which is due within 24 hours of acceptance of the offer, whether conditional or unconditional. In most cases, the deposit is approximately 5% of the purchase price and is payable to the listing brokerage. 

Deposits are traditionally provided in certified funds, such as a certified cheque or bank draft. However, many brokerages now accept direct transfers or wire transfers, which can save buyers both time and money. 

The deposit demonstrates the buyer’s commitment to the purchase and is held in trust until closing, at which point it is applied toward the purchase price.

Timeline to Closing


Most home sales close about 60 days after an offer is accepted, though timelines can vary. Adjustments may occur due to: 

·       Mortgage or financing delays
·       Home inspection repairs
·       Timing of the seller’s next home
·       Legal or title matters 

Any change to the closing date must be agreed upon in writing by both parties.

Common Conditions

Many accepted offers include conditions that must be resolved before closing, such as: 

·       Financing: Buyers need time to finalize their mortgage.
·       Inspection: Buyers may request repairs or renegotiate based on inspection results.
·       Condominium Status Certificate: Confirms financial and legal standing of the unit and building. 

Other possible conditions include the sale of the buyer’s current home, surveys, well or septic inspections, or confirmation of legal renovations. 

During this conditional period, some sellers continue showings in case backup offers arrive, while others pause showings. Your real estate agent can advise on the best approach.

Preparing for Closing


Once conditions are removed, it’s time to get ready for closing: 

·       Prepare the home for the final walkthrough
·       Coordinate documents with your lawyer or notary
·       Cancel or transfer utilities and services
·       Forward mail and gather keys, fobs, and manuals

Closing Costs


On closing day, you’ll pay fees, which are usually deducted from your sale proceeds: 

·       Real estate agent commissions
·       Legal fees
·       Adjustments for taxes and utilities
·       Mortgage discharge fees or early payment penalties

Final Thoughts


An accepted offer is a big step, but there’s still work to do. Staying organized and in close communication with your real estate agent ensures the process goes smoothly and helps you close confidently.
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