Back to: Homeownership
Your offer was accepted
Your offer was provisionally accepted! Now you need to get your mortgage offer in place. Tell your broker and they will progress your DIP to Full Mortgage Application (FMA). Your credit file will be marked at this point and you need to wait to have your Mortgage Application approved and the lender to offer you a mortgage, so you can send this to the estate agent.
Once the estate agent is happy they have proof that you can purchase the property, they will officially accept your offer and take it off the market.
The property is now sold subject to contract or STC. This means that the buyer has made an offer, and the seller has accepted it. But in either case, until the paperwork is completed and the contracts are exchanged – neither the buyer or the seller are legally committed to the sale.
This is when the legal things begin to happen.