Title is a legal term that means you have legal ownership of the property, and is obtained when the owner signs the deed (transfer document) over to the new purchaser. Title is then registered in the government’s land registration system.
At <a href="https://help.dwelly.ca/en/articles/3475454-what-is-the-completion-date" target="_blank" class="intercom-content-link">Closing</a>, Title will be transferred into the name of the purchaser(s) on the Agreement of Purchase and Sale.

What is taking title?

The home inspection condition gives the purchaser an opportunity to hire a home inspector to ensure there are no major problems with the house. In some cases you might not need a home inspection condition, learn more <a href="https://help.dwelly.ca/en/articles/3475457-do-i-need-a-home-inspection" target="_blank" class="intercom-content-link">here</a>. 
If any issues arise during the home inspection the purchaser may then cancel the purchase, request credits, or request repairs for any issues discovered. 
We recommend 3-5 business days to make your offer competitive, as sellers prefer shorter inspection conditions. 
<h2 id="here-is-an-example-of-a-home-inspection-condition" class="intercom-align-left">Here is an example of a home inspection condition: </h2>
"This Offer is conditional upon the inspection of the subject property by a home inspector at the Buyer's own expense, and the obtaining of a report satisfactory to the Buyer in the Buyer's sole and absolute discretion. Unless the Buyer gives notice in writing delivered to the Seller not later than FIVE (5) banking days following acceptance of this offer that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction."

Home Inspection Condition

A mortgage condition is a <a href="https://help.dwelly.ca/en/articles/3470132-conditional-clauses" target="_blank" class="intercom-content-link">conditional clause</a> that allows a buyer to cancel the purchase agreement during the conditional period if they are unable to get approved for a loan, or if the terms of the loan are unsatisfactory to the buyer. We recommend 3-5 business days for a mortgage condition but you should discuss with your lender before reducing or removing the mortgage condition. If you have obtained a <a href="http://help.dwelly.ca/en/articles/3488055-what-is-a-mortgage-pre-approval" target="_blank" class="intercom-content-link">mortgage pre-approval</a>, you may be able to submit an offer without this condition. ​
<h2 id="heres-an-example-of-a-mortgage-condition" class="intercom-align-left">Here's an example of a mortgage condition: </h2>
"This Offer is conditional upon the Buyer arranging, at the Buyer's own expense, a new first Charge/Mortgage satisfactory to the Buyer in the Buyer's sole and absolute discretion. Unless the Buyer gives notice in writing delivered to the Seller not later than 6:00PM p.m. on October 21, 2019, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction."

Mortgage Condition

A status certificate condition is a standard clause included in an offer to purchase a condominium unit, which can be used to cancel or renegotiate a deal if concerns arise from the <a href="https://help.dwelly.ca/en/articles/3488048-what-is-a-status-certificate" target="_blank" class="intercom-content-link">status certificate</a>. If the status certificate is not available before submitting an offer, be sure to make the offer conditionally on the review of the certificate. We recommend 3-5 business days from reception of the status certificate for the condition. 
<h2 id="here-is-an-example-of-status-certificate-condition" class="intercom-align-left">Here is an example of status certificate condition: </h2>
"This offer is conditional upon the Buyer and the Buyer's lawyer reviewing the Status Certificate and Attachments and finding the Status Certificate and Attachments satisfactory in the Buyer's and the Buyer's lawyer's sole and absolute discretion. The Seller agrees to request at the Seller's expense, the Status Certificate and Attachments within 5 days after acceptance of this Offer. Unless the buyer gives notice in writing to the Seller personally or in accordance with any other provisions for the delivery of notice in this Agreement of Purchase and Sale or any Schedule thereto not later than 5 p.m. on the fifth day (excluding Saturdays, Sundays and Statutory Holidays) following receipt by the buyer of the Status Certificate and Attachments, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction. This condition is included for the benefit of the Buyer and may be waived at the Buyer's sole option by notice in writing to the Seller as aforesaid within the time period stated herein."

Status Certificate Condition

A pre-approval is when a potential mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you. 
With a pre-approval, you can:
<ul>
<li>
Know the maximum amount of a mortgage you could qualify for
</li>
<li>
Lock in an interest rate for 60 to 120 days, depending on the lender
</li>
<li>
Estimate your monthly mortgage payments
</li>
<li>
Understand the terms &amp; conditions for the mortgage 
</li>
</ul>

What is a Mortgage Pre-Approval?

A status certificate is a set of documents that provide details regarding the financial and legal circumstances of both the condominium building and the particular condominium unit you are interested in purchasing. 

The status certificate would indicate if the current unit owner is in default of paying the monthly common expenses if an increase in the common expenses has been declared by the condominium board, and the amount in the reserve fund for the corporation. 

Any additional legal issues that may affect the condominium will also be included in the status certificate. For example, the certificate should state whether there are any judgments against the corporation and if the condominium corporation is a party to any litigation already underway. If legal action has not been commenced, the status certificate may be silent on this matter.

Always make sure to have the status certificate of any condominium you are interested in purchasing reviewed by a lawyer. If the status certificate is not available before submitting an offer, be sure to make the offer <a href="http://help.dwelly.ca/en/articles/3470132-conditional-clauses" target="_blank" class="intercom-content-link">conditionally</a> on the review of the certificate.

What is a Status Certificate?

If you are looking to purchase a house, such as a semi-detach, townhouse, or a detached home. Then it is highly recommended that you have a professional home inspection completed to make sure that are no major issues with the home. 
However, for condominium apartments a homes inspection is usually not necessary - especially if the building is relatively new. That is because most of the building systems (electrical, plumbing, roofing, etc.) are common elements, meaning they are jointly owned with the other condominium owners and are covered by the condominium corporation. These items are NOT inspected during a condominium inspection. Any issues, maintenance or renovation plans for the common elements are outlined in the unit's <a href="https://help.dwelly.ca/en/articles/3488048-what-is-a-status-certificate" target="_blank" class="intercom-content-link">Status Certificate</a>. 
In some instances, the sellers might already have an inspection report on hand. While this may allow you to save the cost of the homes inspection (around $300-500) and time, you should always make sure that the home inspection is less than 30 days old and was completed by a certified home inspector.

Here is when you might or might not need a home inspection.

Do I need a home inspection?

The Irrevocable clause on the Agreement of Purchase and Sale states a date and time up to which time the offer is irrevocable. Before the time on the specified date, the party offering cannot revoke their offer. The Irrevocable clause states that when the time and the date passes the offer becomes null and void.
Simply put, it is when your offer expires and you may not take back you offer before that time.

What is an irrevocable date?

The completion date (also known as closing day or possession day) is the date the transaction is complete and <a href="http://help.dwelly.ca/en/articles/3631084-what-is-taking-title" target="_blank" class="intercom-content-link">Title</a> (legal ownership) is transferred from the seller to the buyer. Funds are transferred that day. This is the date you receive the keys to your new home.

What is the completion date / closing day?

Offer night in real estate is the evening which all interested buyers come forward and submit their best offers to the sellers (and their representative) potentially leading to what is known as a bidding war.
The offer night tactic, which usually involves listing a home for sale at a price point below market value to attract more potential buyers. Then have them bring in their best offers on the same day, bidding against one another until the best offer gets the prize - the home. 
If you really want to make sure your offer stands out amongst the array of other offers, please read our full article <a href="https://dwelly.ca/blog/what-is-offer-night/" target="_blank" class="intercom-content-link">here</a>. ​

If you've been home hunting in the greater Toronto area you might have come across the term “Offer Night”.

What is Offer Night?

When submitting an offer to purchase a home there are a number of conditional clauses, also known as contingency clauses, that you usually would include in the Schedule A of your offer. These are contract provisions that requires a specific event or action to take place in order for the contract to be considered valid. The conditions added are for your benefit, they usually allow you to confirm some information or conduct an inspection before the offer is firm. If something regarding the condition is not satisfactory  (e.g. problems arose during the home inspection) you can back out and get back your deposit. By not having any conditions you could be placing yourself at a greater risk.   Examples of Common Conditional Clauses:
<ul>
<li>
Arranging financing or a Mortgage,
</li>
<li>
Inspection of the property,
</li>
<li>
Review of the Status Certificate (if a condominium), or 
</li>
<li>
Lawyer's Approval 
</li>
</ul>Here's an example of a mortgage condition: 
"This Offer is conditional upon the Buyer arranging, at the Buyer's own expense, a new first Charge/Mortgage satisfactory to the Buyer in the Buyer's sole and absolute discretion. Unless the Buyer gives notice in writing delivered to the Seller not later than 6:00PM p.m. on October 21, 2019, that this condition is fulfilled, this Offer shall be null and void and the deposit shall be returned to the Buyer in full without deduction."

Here are the most common conditions that are included in an offer when purchasing a property.