Buying a Home - Part 2
You made an offer on a home and the seller has accepted. There are still some steps to complete before you can close the transaction and move in.
- Sign a purchase agreement: Also called a sales contract, this document outlines the details of the sale and is held by your attorney or escrow officer until the transaction closes.
- Inspect the home: You may wish to schedule a buyer’s home inspection, wherein you can get a professional opinion of the condition of the home.
- Check repairs and prepare to close: A final walk-through of the home will help you make sure that agreed-upon repairs were made and other items in the purchase agreement were fulfilled.
- Close the transaction: At closing, your lender may require you to purchase homeonwers insurance. This is also when you can purchase an owner’s policy of title insurance, which will help protect you from past issues that could affect your ownership rights.