Get inspections and remove conditions

If, as part of your offer, you asked for time to be allowed to have inspections conducted on the property, you should have written what is called a conditional offer. Offers can be conditional upon financing, inspections, the receipt of acceptable condo estoppels certificates, the sale of property, and many other conditions. It is important that all deadlines be met and that all conditions are removed exactly the way the contract describes. Your agents are responsible for making sure this is done correctly.

Walk-through

Most sales agreements will give the buyer the right to one pre-closing inspection. This is the last chance to find any problems and have the seller correct them. Read the contract carefully, but most contracts read that all electrical systems, plumbing, appliances, heating, and air conditioning need to be in working order at the time of closing. These are the items you checking for at walk-through along with any other items the seller previously agreed to fix or replace.

If anything is found to be defective or missing, there are several options: The seller can remedy the problem prior to closing; the seller can credit the buyer for the amount of money it would take to hire someone to remedy the problem; or the seller can promise to correct the problem and place into escrow with the attorney the amount of money you will need to pay someone else if the seller does not perform as promised.

On new-home purchases, the process is a little different. The builder will generally do a walk-through with you approximately one to two weeks prior to closing, resulting in a “punch list.” Hopefully, they will get everything on the punch list completed prior to settlement. If not, most new-home contracts allow the builder to complete whatever minor items have been noted in a “reasonable” period of time

Closing on your home

This is the day when the borrower will be signing all of the mortgage documentation, which can seem never-ending. Do not ever feel intimidated. Borrowers should receive all the of closing documentation three days prior to closing can request. The borrower will have to present whatever down payment and closing-cost funds you were expected to pay. This check must be certified funds or a cashier’s check; personal checks usually are not accepted.

Moving day

This is the last and probably the hardest step in the home-buying process. A little bit of planning and forethought, though, will make a much smoother move. Make arrangements with a moving company as soon as possible. Call at least three in order to get competitive quotes. They will usually ask to come to the home to get an idea of how much they will be moving and the distance they will need to travel. the borrower should change their address with the post office, bank, and any creditors at least 30 days in advance. To avoid late payments, it’s a good idea to actually call and verify receipt of the address change whenever possible. Call to order utility hook-ups approximately 10 days prior to your move. Those are the 10 Steps toward Home Ownership!