The conditional period, day by day

Your offer was accepted. You are not done. You are at the start of the busiest stretch of the whole transaction, and it usually runs about five business days.

Everything in this window is connected. The inspection feeds the insurance conversation. The insurance answer can affect the lender. The lender may want an appraisal. Which is why it runs as one coordinated stretch rather than four errands.

Day one

Deposit goes in. That is usually within 24 hours and it is not optional. Book the inspection immediately, because good inspectors get booked and you cannot extend the window just because you called late. Send the agreement to your lawyer and to your lender the same day.

Days two and three

The inspection happens. Go to it if you can, and stay for the walkthrough at the end. An hour with the inspector teaches you more about the house than the report will.

The report goes to your insurance broker the same day. This is where knob and tube, aluminum wiring, the age of the roof, an oil tank or a wood stove get flagged, and where you find out what it costs to insure and whether anyone will.

Your lender now has the property details and orders an appraisal if they want one.

Day four

Answers start landing. The lender confirms or asks for more. The insurance quote arrives. If the inspection turned up a deal item, this is when we decide what to ask for and start that conversation, because there is still time to have it.

Day five

Waive, amend, or walk. All three are legitimate outcomes and the condition exists so you can pick.

I give a heads-up 12 to 24 hours before a condition expires, every time. Nobody should be surprised by a deadline.

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Written by Mike Elsey, Broker, Royal LePage Real Estate Associates, Brokerage. General information about the process in Ontario, not legal, financial, tax, insurance or inspection advice.