AFTER YOUR OFFER IS ACCEPTED
Your offer on your new home has been accepted. These
are the things you need to do between now and the closing date.
Within the First 10 Days of Acceptance
Contact your mortgage person to apply for your mortgage.
The mortgage person will begin the financial process and order an appraisal
for your new home.
Order your home inspection. A home inspection is not
required, but highly recommended. This will no doubt be the largest purchase
you make. Spending a couple of hundred dollars to have a qualified person
thoroughly inspect your future home may prevent thousands of dollars of
unexpected repairs later on. Contact a licensed home inspector of your
choice (if you are working with a "buyers agent", then he/she may
recommended one). The home inspector will set an appointment that is
convenient for you. The inspection must take place during your inspection
period, usually 10 days from acceptance of your offer.
Arrange for the second deposit. The second deposit on
your new home is usually due 10 days from the date of your offer. This is
normally 5% of the purchase price, but could be significantly less depending
on your financing and your available funds. This must
be made by bank check, certified check or money order. If you need to
transfer funds from a retirement or money market account, or borrowing money
from a relative, do it as soon as possible to allow time for the check to
Have the purchase and sale agreement reviewed by your
attorney. Although not required, having an attorney familiar with real
estate law will save you peace of mind and possibly money should any legal
issues come up. An attorney will help to make sure you are financially
protected should anything go wrong during the home buying process.
Sign the Purchase and Sale Agreement. The is the
contract that contains all the details of the real estate purchase.
Occasionally, this may take place beyond the 10 day period if there are any
concerns that are being negotiated between the buyer and seller.
Inform your landlord you are purchasing a home if you are
renting. Most landlords require at least 30 days notice that you are
moving or you may forfeit any deposits you have on your apartment.
Within 30 Days of Acceptance
Contact your insurance person to arrange for coverage for
your new home. Most lenders require you to pay one year's insurance
premium up front. Your insurance broker can let you know how much this will
be, and will provide a binder for you to bring to the closing.
Stay in contact with your mortgage person. You must
obtain a mortgage commitment letter before your financing period ends
(usually about 30 days after your offer is accepted).
Arrange for a mover. This should be done 30 to 45
days ahead of the closing date. Care should be given not to make firm
arrangements until you have a confirmed closing date and you have received
your financial commitment letter from your mortgage person.
1 to 2 Weeks Before Closing
Arrange to have the utilities for your new home
transferred to your name. And don't forget to have your current utility
services disconnected. This includes (if applicable) gas, electric,
telephone, cable television, and internet service. If your new home has city
or town provided water, this will be handled by the seller's agent. If the
home you are purchasing is heated by oil, you will have to pay for any oil
that is left in the tank at the closing.
Make sure you have the funds available for closing.
Your mortgage person should have given you a good faith estimate of the
amount that you will need. If not, contact him/her as soon as possible.
Make final arrangements with your movers.
1 to 2 Days Before Closing
Arrange for a final walk through of your new home.
Your agent will arrange a final inspection of the home you are about to
purchase. Most likely everything will be fine, but check to make sure
everything is in the same condition as when you first put your offer in.
Verify the time and place of closing. Call the
closing attorney for the time and place that the closing will occur. Your
agent may do this for you.
Get the final amount you need to bring to the closing.
Call your mortgage person for the amount of the certified or cashier's
check you need to bring to the closing.
For the Closing
Bring the following items to the closing:
Picture I.D. (drivers license, passport, etc.) The
closing attorney will need to make a copy of it for the registry of deeds.
Personal checkbook. In case you have to pay for
any incidental charges such as heating oil, bottled gas, taxes, etc. that
have already been paid by the seller.
Certified Check in the amount given to you by your
Insurance Policy or binder.
Your personal attorney, if any.
Congratulations! You Can Move Into Your New