Congratulations! You’ve successfully navigated the competitive real estate market and secured an accepted contract on your new home. It’s an exhilarating milestone in your home-buying journey, but it’s also the beginning of a series of important steps that will lead you to closing day. So, what comes next? In this blog post, we’ll guide you through the crucial tasks and considerations that follow once you have an accepted contract.
1. Celebrate and Confirm the Details
Take a moment to celebrate your achievement! Buying a home is a significant life event. After the excitement settles, it’s time to revisit the details of your contract. Ensure that everything aligns with your expectations and that you fully understand the terms.
2. Deposit the Earnest Money
Typically, you’ll need to deposit earnest money into an escrow account. This money serves as a show of good faith to the seller and is applied toward your down payment or closing costs at closing. Make sure to follow your escrow agent’s guidance on how to submit this payment.
3. Secure Your Mortgage
If you aren’t already fully underwritten, now is the time to finalize your mortgage application. Work closely with your lender to provide any necessary documentation and complete the underwriting process. Keep communication lines open with your lender to ensure a smooth mortgage approval process.
4. Coordinate with Your Title Company
Your title company will handle the transfer of the property’s title and ensure that there are no outstanding claims or liens. They will also issue title insurance to protect your ownership rights. Stay in touch with your real estate agent and title company to ensure all necessary paperwork is in order.
5. Finalize Your Homeowners Insurance
Don’t forget to secure homeowners insurance for your new property. Lenders usually require proof of insurance before finalizing your mortgage. Shop around for the best coverage and rates, and ensure your policy aligns with your needs.
6. Complete Any Contingencies
If your contract includes contingencies, such as repairs or appraisal results, make sure to address them promptly. This might involve negotiations with the seller or additional inspections.
7. Prepare for Closing Costs
Start preparing for closing costs, which can include various fees, taxes, and prepaid expenses. Review the Closing Disclosure provided by your lender and consult with your real estate agent to understand these costs thoroughly.
8. Conduct a Final Walk-Through
Before closing, schedule a final walk-through of the property to ensure it’s in the agreed-upon condition. This is your chance to make sure any negotiated repairs have been completed and that the property is ready for you to move in.
9. Closing Day
Finally, the big day arrives—closing day! This is when you’ll sign the necessary documents, pay the remaining closing costs, and officially become a homeowner. Be prepared with all required documentation, and don’t hesitate to ask questions during the process.
Remember that throughout these steps, your real estate agent and lender are valuable resources who can guide you and address any concerns you may have. With careful planning and attention to detail, you’ll soon be settling into your new home, enjoying the fruits of your hard-earned efforts.
Congratulations again on reaching this exciting milestone in your homeownership journey!
