When you accept a cash offer on your Ontario home, you skip the usual mortgage hurdles and lengthy sales cycles. A cash sale moves rapidly, putting money in your hands without financing delays. But what happens next? This guide walks you through each step after you say “yes” to a cash buyer, so you know exactly what to expect and how to prepare.
1. Reviewing the Cash Offer Details.
First, double-check the fine print. Confirm the sale price, desired closing date, and any special conditions. Cash buyers often include waivers for financing and inspection contingencies. Make sure the payment schedule is clear—will you receive full payment at closing or a deposit up front? If anything seems unclear, request an addendum for clarity before moving forward. Skip the Agent – We Buy Houses in Ontario with No Commissions!
2. Inspections and Waivers
Next, decide on inspections. Cash buyers may waive formal home inspections to speed up the deal—but you can still request one for peace of mind. If you agree to an inspection, expect a short window (usually five to seven days) for an inspector to check major systems. If you waive this step, confirm that the sale is truly “as-is” in writing to avoid future disputes.
3. Title Search and Clearing Liens
While inspections wrap up, the buyer’s lawyer orders a title search. This step confirms you hold clear title and flags any liens or claims on your property. Should liens appear, you must settle them before closing or negotiate who pays. Resolving these issues promptly prevents delays on closing day.
4. Drafting and Signing the Agreement
Once due diligence is complete, your lawyer drafts the Purchase Agreement. This legally binding document lists the sale price, closing date, deposit amount, and any special clauses (e.g., included appliances or repairs). Review it carefully, sign, and return it to your lawyer. At this point, both you and the buyer are committed to the sale.
5. Preparing for Closing Day
With the agreement signed, it’s time to plan logistics. Your lawyer prepares closing documents and calculates final costs—legal fees, outstanding taxes, and any adjustments for utilities or condo fees. Pack your belongings, book movers, and schedule utility transfers. Align your move-out date with the buyer’s possession date to avoid overlap or empty-house days.
6. Closing Day: What to Expect
On closing day, funds transfer through lawyers’ trust accounts. You’ll meet with your lawyer to sign the deed and transfer paperwork. The buyer’s lawyer then registers the transfer with the Ontario Land Registry. Once funds clear—often within 24 hours—you receive your net proceeds, minus legal fees and adjustments. Finally, hand over keys, garage openers, and any alarm codes.
7. After Closing: Next Steps
Once funds land in your account, cancel or transfer your utilities and home insurance. If you had a mortgage, verify it’s paid off and closed. Keep your closing statement and final documents for tax records and future reference. Forward your mail to your new address and notify relevant contacts of your move.
Conclusion
Accepting a cash offer in Ontario streamlines the selling process and speeds up payment. By following these steps—reviewing offer terms, handling inspections, clearing title issues, signing agreements, and preparing for closing—you’ll navigate the sale smoothly and confidently. Ready for a fast, stress-free sale? Reach out to your lawyer or real estate professional today to finalize details and celebrate your successful transaction.
