During the homebuying process, one of the most complicated steps is closing the sale. You don’t just offer money and expect to get a key right away. Instead, there are a series of things that have to happen for you to obtain the keys to your new home.
To start with, you’ll make an offer on the home you wish to purchase. That offer should always be conditional, though. You need to make sure the home is truly worth the offer you’ve made and be able to place that money into escrow. You’ll also need to make sure that you have the home inspected, in most cases, so that you know if there are any major issues that need to be addressed.
The seller may offer several disclosures to you so that you are aware of issues with the home. For some people, these disclosures are enough to walk away from the sale or to demand a lower price to continue on with the contract.
After the inspections are performed, the potential buyers usually have a right to walk away or alter their offers. They may also ask the seller to make repairs to the property.
If the home is in good condition and you’d like to continue with the purchase, it’s at that point that you can begin to seek out a mortgage (if you have not already been preapproved). These are just a few of the first steps in buying a home. Your attorney can help you prepare, so you understand the contracts you’re signing and what they mean for your purchase.