Real Estate Purchase Contract Signed: What Comes Next?
Congratulations! You`ve signed a real estate purchase contract, which means you`re one step closer to owning your dream home or investment property. But what comes next? Here are some things to keep in mind after signing a real estate purchase contract.
1. Secure Your Financing
Now that the contract is signed, it`s time to secure your financing. If you`re getting a mortgage, contact your lender and start the application process. Make sure you provide all the necessary documentation and respond promptly to any requests from your lender. If you`re paying cash, make arrangements to transfer the funds to the escrow account.
2. Conduct Inspections
The real estate purchase contract should include a contingency period during which you can conduct inspections of the property. Hire a professional inspector to examine the property thoroughly. If the inspection reveals any issues, negotiate with the seller to have them repaired or to receive a credit at closing.
3. Finalize Details
The real estate purchase contract should specify the closing date and other important details such as who will pay for closing costs and which party will be responsible for property taxes and insurance until the closing date. Make sure all these details are finalized and agreed upon by both parties.
4. Hire a Real Estate Attorney
A real estate attorney can review the contract and ensure that everything is in order. They can also represent you at the closing and review all the closing documents to make sure everything is accurate.
5. Prepare for Closing
Before the closing, make sure you have all the necessary documentation, such as proof of homeowner`s insurance and any additional paperwork required by your lender. Bring a certified check or wire transfer for the closing costs.
In conclusion, signing a real estate purchase contract is just the beginning of the home buying process. There are still many steps to complete before you can close and take possession of the property. By following these tips and working with professionals, you can ensure a smooth and successful real estate transaction.