1. Resolve Contingencies

The signed contract of sale will most likely contain some contingencies that will need to be fulfilled before closing day. The most common contingencies are financing, home inspections, and appraisal.

2. Secure financing

If you are paying cash the buyer will need to show proof of funds. 

If you are getting a loan, it is important to get the final mortgage approval and lock in your rate. Once your contract is signed, it is important to get a copy to the Lender so they can secure your financing for you.

3. Order an Appraisal

Most lenders will require the property to be appraised and will not commit or approve a loan until this is completed. 

4. Order a Survey

You may be interested in seeing where the house sits relative to the property, or you may want to get an accurate account of the boundary lines on the property. Having a survey is also helpful in getting permits pulled to work on your future property.

5. Order a Home Inspection

It is recommended to have a home inspector come out and evaluate the property, identifying any significant issues or defects before closing on the property. This also gives the buyer another opportunity to learn more about the home. There are many things for an inspector to check such as:

• Plumbing
• Electrical
• Heating and Cooling System
• Building structure and foundation
• Roof and Chimney
• Land grading and drainage
• Windows
• Doors
• Floors 
• Walls
• •  

Once completed the inspector will draft a report and send it to you to review. The report might also suggest getting even more inspections that are not traditionally covered by a regular home inspection.

5. Purchase Homeowners Insurance

All lenders will require that buyers purchase homeowners insurance which would protect the lender from a loss if the home is damaged or destroyed.

6. Conduct the final walkthrough

Typically, this happens within 24 hours of closing. This step lets the buyers check to see the home is vacated, clean, and in the condition they expect. During this stage it is important to verify that everything still works and that all repairs were completed.

7. Settlement

The last stage of buying a home. The buyer and seller come to our office where a closing is conducted. The Buyer should be prepared to bring a photo ID, and a certified check or have wired the funds to the title company. During this stage all the loan documents and title company documents are reviewed and explained. At this stage ownership of the property is transferred from the seller to the buyer.