We all know that buying a home is an exciting (and crazy) time for everyone. There is a lot to do in a specific amount of time and it is important that home buyers do not miss a step through all of the excitement of buying a new home. Here is a check list to help home buyers through the process:
Immediately After the Offer Is Accepted
Earnest money is the reassurance to the seller that you are “earnestly” interested in this property. It gives them confidence when taking their house off of the market. With that being said, it is important that you get the earnest money submitted to the right place, in the right form of payment, and in the timeline outlined in the contract that you signed.
You have a certain period of time allotted to get your inspection done in order to determine if there are any repairs you wish to have done. This must also be done in a timely manner so that you adhere to the timeline of your contract. Your real estate agent can help with inspector resources.
After you sign your sale agreement with the seller, it is important that you communicate with your mortgage lender to make sure the mortgage process is started. This process will require a lot of documentation from you, so be sure to get these document to your lender as soon as you can so that there are no hiccups in your buying process. The mortgage process must also be completed promptly.
Through your buying process you will be working with a title company. This company will give you a title commitment which is a document that lists the property’s title history and will list anything that needs to be dealt with before a closing can occur. Make sure that you review the title commitment and are aware of any issues that there may be with it.
Once inspections have been completed and and issues found during it are resolved, it is time to submit an appraisal. You will be in contact with your lender for the appraisal as it is their responsibility to get the home appraised to be sure that the lending amount matches the property at hand.
It is time to choose a home owners insurance provider (which is required by a lender anyways). You will need to choose a provider and plan so that you can let you lender, agent, and the title company know that you have completed this step.
Now that the paperwork is ready for the closing process to begin, it is time to turn on utilities for your new property. Make sure you schedule all utilities to be transferred and turned on.
The sales contract that you signed will include a closing date. It is important that you or your agent makes sure that the title company is aware of this date so that they will have the closing in their schedule at a time that works for you.
Before you completely close the deal, do a final walk through to make sure that everything is ready. A final walk through allows you to confirm that any desired repairs have been completed, that the seller is completely moved out of the property, etc. This is not an opportunity to renegotiate the contract, it is just a chance for you to verify that the house is ready based on your agreement before signing final documentation.
You will meet at the title company to complete and sign all final documentation. Remember to bring a photo ID (drivers license, passport, etc) and a cashiers check for any monetary requirement of your closing. Once the documents are signed, you will get your keys and the property is officially yours!