What Happens When Your Offer is Accepted
Home Inspection
Most property sales are contingent on the result of a home inspection, which is paid for by the buyer. The inspection typically occurs within 10 days of offer acceptance like the roof, siding, trim, and windows, as well as kitchen and bathroom fixtures, and appliances, and major systems like heating and cooling, plumbing, and electrical.
Title Search
This is a historical review of all legal documents relating to ownership of the property to ensure that there are no claims against the title of the property. It is also recommended that you purchase title insurance in case the records contain errors or there are mistakes in the review process.
Appraisal
As a standard part of the mortgage process, your lander will order an appraisal report to ensure that the loan will be guaranteed by the home’s value.
Final Walk-Through
If it’s requested in the contract, you will be given the chance to look at the home to make sure it is in the same condition as when you signed the sales agreement.
Closing Costs
In addition to your deposit and down payment, there are variety of other costs involved in closing including:
- Loan origination fees, appraisals and reports
- Surveys and inspection
- Mortgage insurance
- Hazard insurance
- Taxes
- Assessments
- Title insurance, notary and escrow fees
- Recording fees and stamps
