A Buyer Under Contract Checklist is a crucial tool for anyone in the process of purchasing a property. It serves as a comprehensive guide to ensure that all necessary steps and considerations are taken into account before finalizing the deal. This checklist helps buyers stay organized, avoid potential pitfalls, and streamline the complex process of buying a home. Below, you’ll find a list of 10 essential items to include in your Buyer Under Contract Checklist:
This involves carefully going through the terms and conditions of the contract, ensuring all details align with your expectations.
Work with your lender to finalize your mortgage application and ensure you have a clear understanding of your loan terms.
Arrange for professional inspections to assess the condition of the property, including structural, electrical, plumbing, and pest inspections.
Verify the property's title history to ensure there are no liens, encumbrances, or ownership disputes.
Your lender will require an appraisal to determine the property's market value and confirm it aligns with the purchase price.
Navigate any contingencies specified in the contract, such as the sale of your existing home or securing necessary permits.
After the inspection, negotiate any repairs or financial credits with the seller to address any issues that may have been uncovered.
Obtain homeowners' insurance to protect your investment and comply with lender requirements.
Conduct a final walkthrough to ensure the property is in the agreed-upon condition and any negotiated repairs have been completed.
Gather all necessary documents, funds, and identification for the closing day to ensure a smooth and successful transaction.
If the inspection reveals problems, you can negotiate with the seller to address them, either by requesting repairs or financial concessions.
While not mandatory in all regions, it's advisable to have a real estate attorney review your purchase agreement and assist with legal matters.
Typically, you can back out during the contingency period, but doing so afterward may result in forfeiting your earnest money deposit.
You should secure homeowners' insurance before the closing to ensure you are protected from day one of ownership.
The closing process can take anywhere from 30 to 60 days, depending on various factors, including lender requirements and negotiations.
A Buyer Under Contract Checklist is an invaluable resource for anyone navigating the complex process of buying a home. It ensures that all essential steps are taken, from reviewing the purchase agreement to securing financing, conducting inspections, and preparing for closing. By following this checklist and addressing any questions or concerns that arise, buyers can streamline the process and achieve a successful real estate transaction.
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