Last month, we discussed what to expect once you are under contract and in the due diligence phase of homebuying.
To recap, due diligence includes a home inspection and a home appraisal. Together they tell you the condition and value of the home so that you can be well informed in choosing to pursue the deal or walk away from it.
This article examines the rest of the under-contract phase and shows what you can expect at each step.
Inspection-Based Repair Requests
Once you receive the completed home inspection report, you may negotiate home repairs with the seller. There is no set direction in this phase, but it’s ideal to move toward a resolution between yourself and the seller regarding who will be responsible for repairs.
The seller could agree to make all, some, or none of the repairs. They could also choose to readjust the home’s selling price, lowering it by however much is needed to cover the cost of the agreed-upon repairs.
In some cases, a stubborn seller or buyer unwilling to negotiate on repair requests could cause the deal to fall apart. It’s important to work together and reach a mutual agreement that satisfies both sides.
Home Insurance and Utilities
After settling repair negotiations with the seller, you are one step closer to your closing date. Once the deal seems likely to go through, it’s time to establish home insurance and utility accounts. Taking care of these aspects now makes the move-in process run smoothly after the close.
Common utilities to establish include:
- Internet, cable, or phone
On closing day, you and your agent will meet with the seller, the selling agent, and a real estate lawyer. Here you will sign several legal documents and receive the keys to your new home. With an expert attorney by your side, this process will be clear and by the book, ensuring no complications now or in the future.
Closing day is over, and the keys are in your hands. Congratulations on purchasing your new home! Your house is now available to move into and decorate however you want. Don’t forget to inform friends, family, and the post office of your address change.
The real estate lawyers at Walker, Hulbert, Gray, & Moore are ready to guide you from contract to close. Our trusted team can lead you through the process to ensure you get the most out of the deal. Talk to us about the home you’re interested in today: 478-987-1415
Stay tuned for the final article in our home buying series, and check out any of the ones you may have missed:
- Steps to Buying a Home, Part 1: From Preapproval to Offers
- Steps to Buying a Home, Part 2: Three Offer Responses
- Steps to Buying a Home, Part 3: What to Do Under Contract
- Steps to Buying a Home, Part 4: The Under Contract Phase, Continued
- What to Expect on Home Closing Day