10-Steps Once Your Offer is Accepted & Under Contract

Congratulations on having your offer accepted and being under contract for a new home! The process of buying a home can be exciting, but it can also be a bit overwhelming. To help guide you through the next steps, here is a list of 10 things you should do once your offer is accepted and you are under contract.

  1. Review the Purchase Agreement: Carefully review the purchase agreement to make sure that all of the terms and conditions that were agreed upon are included. Make sure that all contingencies, such as the home inspection and financing contingencies, are included and have specific deadlines. If you have any questions or concerns, now is the time to raise them with your real estate agent or attorney.

  2. Schedule a Home Inspection: One of the most important steps in the buying process is the home inspection. This will give you a thorough understanding of the condition of the home, and identify any issues that may need to be addressed. It's important to schedule the home inspection as soon as possible, so you have time to negotiate any repairs with the seller before the contingency deadline.

  3. Review the Homeowners Association Documents: If the home is part of a homeowners association (HOA), it's important to review the HOA's governing documents, such as the bylaws, covenants, conditions and restrictions (CC&Rs), and budget. These documents will provide important information about the HOA's rules and regulations, as well as the financial health of the association.

  4. Obtain Homeowner's Insurance: You'll need to have homeowner's insurance in place by the time you close on the home. Homeowner's insurance protects your home and personal property from damage or loss due to fire, theft, and other covered events. It also provides liability coverage in case someone is injured on your property. Contact a few insurance companies to compare rates and coverage options.

  5. Start the Mortgage Process: If you haven't already, it's time to start the mortgage process. Your lender will need to verify your income, credit score, and assets, and will also need to appraise the home to make sure that it's worth what you're paying for it. This process can take several weeks, so it's important to get started as soon as possible.

  6. Review the Title Report: The title report provides important information about the property's title, including any liens or encumbrances that may exist. Review the report carefully to make sure that there are no issues that could prevent you from taking clear title to the property.

  7. Prepare for Closing: Closing is the final step in the buying process, and it's where all of the paperwork is signed and money is exchanged. You'll need to prepare for closing by gathering all of the necessary documents, such as proof of insurance and ID. You'll also need to wire any funds required for the closing, and set up any necessary utilities.

  8. Schedule a Final Walk-Through: Before closing, schedule a final walk-through of the home to make sure that the home is in the same condition as when the offer was accepted and to confirm any repairs or clean-up agreed upon was performed. This is your last chance to make sure that the home is in good condition and that everything is in working order.

  9. Attend the Closing: At the closing, you'll sign all of the necessary paperwork, including the purchase agreement and mortgage documents. You'll also pay any closing costs and other fees, and receive the keys to your new home.

  10. Move in and Celebrate: After all of the paperwork is signed and the keys are in your hand, it's time to move into your new home and start creating memories. Be sure to take 

    time to celebrate this milestone achievement with your loved ones. Whether it's a small housewarming party with friends and family or just a quiet dinner in your new home, it's important to take a moment to reflect on all of the hard work and dedication that went into making this purchase a reality.

    In addition, some point you should consider during the move-in process:

    • Make sure you have updated the address for your mail and important documents.
    • Schedule any repairs or upgrades that you would like to make to the house.
    • Get to know your neighbors, they can be a great source of help, advice, and friendship.
    • Create a budget for any home repairs, maintenance and upgrades that you would like to make in the future.

    Buying a home is a big step, but by following these 10 steps, you can ensure that the process is as smooth and stress-free as possible. Remember to work closely with your real estate agent and attorney, and don't hesitate to ask questions if you have any concerns. With the right team in place, you'll be able to enjoy your new home in no time.

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