Understanding the Home Buying Process in Saskatoon: What Happens Once You Sign a Contract

The Excitement Begins: Offer Accepted!

You’ve found the home you love, made an offer, and received that thrilling call: “Congratulations — your offer has been accepted!”

But what happens next?

Many buyers think that once the seller signs, the deal is done — but that’s not quite true. You’ve now entered what’s known as the conditional period, an important stage designed to protect you as the buyer and ensure everything checks out before the sale becomes firm.

Let’s walk through what happens step-by-step.

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Step 1: Signing the Offer to Purchase

Once you’ve decided to make an offer, your real estate agent prepares a written Offer to Purchase that includes key details such as:

• The agreed-upon purchase price

• Deposit amount

• Proposed possession date

• Conditions (financing, inspection, sale of buyer’s home, etc.)

• Inclusions (appliances, fixtures, etc.)

When both you and the seller sign, you have a legally binding contract — but it’s conditional upon certain requirements being met. That’s where the next phase begins.

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Step 2: The Conditional Period

The conditional period (sometimes called “due diligence”) is a set timeframe — typically between 5 to 10 business days— during which you confirm that you can meet all the conditions outlined in the offer.

Common buyer conditions include:

• Financing: Getting final approval from your lender for the property.

• Home Inspection: Ensuring there are no major structural, electrical, or plumbing issues.

• Property Disclosure Review: Verifying the accuracy of the seller’s representations.

• Sale of Buyer’s Home: In some cases, ensuring your current home sells first.

During this period, your REALTOR® coordinates with your mortgage broker, home inspector, and lawyer to ensure each condition is properly addressed.

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Step 3: Satisfying or Removing Conditions

If all conditions are met — your financing is approved, the inspection looks good, and your lawyer is satisfied — you’ll sign a Notice to Remove Conditions (or similar document) to remove the conditions.

Once those conditions are lifted, your offer becomes firm and binding. At this point, both you and the seller are legally obligated to complete the transaction.

Your deposit is applied toward the purchase price as a portion of the downpayment, and your lawyer begins preparing the final documents leading up to possession day.

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Step 4: When Can a Deal Be Cancelled?

This is a crucial point many buyers don’t fully understand:

Once you’re in the conditional period, the only way to cancel the deal is if a condition is not met or satisfied in good faith.

That means if all your conditions are fulfilled (for example, financing and inspection go smoothly), you cannot simply change your mind or walk away from the deal without serious legal or financial consequences.

However, if a legitimate condition cannot be met — such as your financing being declined, or the inspection uncovering significant issues — you have the right to withdraw your offer and have your deposit returned.

Your REALTOR® will guide you through this carefully to ensure your interests are protected.

 Step 5: Firm Deal → Preparing for Possession

Once the deal becomes firm, your focus shifts to:

• Finalizing your mortgage details with your lender

• Booking movers and utility transfers

• Scheduling a final walkthrough (if applicable)

• Preparing for closing day with your lawyer

Possession typically occurs on the agreed date once all funds have been transferred and legal paperwork is complete. Then, your REALTOR® will hand over the keys — and the home is officially yours!

Pro Tip: Work With Professionals You Trust

The conditional period can move quickly, with multiple steps happening at once. Surrounding yourself with experienced professionals — including a local REALTOR®, mortgage broker, lawyer, and home inspector — ensures nothing gets overlooked.

Your REALTOR® acts as your central point of communication, keeping everyone aligned and making sure the process stays smooth and transparent.

Final Thoughts

Buying a home in Saskatoon is an exciting milestone — but it’s also a legal transaction with important steps to follow. Understanding what happens during the conditional period helps you move forward with confidence, knowing exactly when your deal becomes binding and how to protect yourself along the way.