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Steps after Signing Purchase Agreement

Steps after Signing Purchase Agreement

Congratulations on finally signing the purchase agreement! However, this is not the end of the process. There are still a few more important steps to take before the property officially becomes yours. Here are some important steps to follow after you have signed the purchase agreement.

1. Pay the deposit: Once you have signed the purchase agreement, you will need to pay a deposit to show your commitment to the purchase. The deposit is typically a percentage of the purchase price and is often held in an escrow account until closing. You will need to make sure that you pay the deposit in a timely manner to avoid any delays in the closing process.

2. Conduct home inspections: It is important to have a professional home inspection done before closing on a property. A home inspection will help you identify any potential issues with the property that may have been missed during the initial viewing. This will give you an opportunity to negotiate repairs or credit with the seller before closing.

3. Obtain financing: If you haven`t already done so, now is the time to finalize your financing. This means providing all necessary documents to your lender and completing any additional requirements to secure your loan. Make sure that you keep your lender informed throughout the process to avoid any delays or complications.

4. Title search: A title search is typically performed by a title company to ensure that there are no issues with the property title. The title search will confirm that the seller has the legal right to sell the property and that there are no existing liens or other claims on the property.

5. Review closing documents: Before closing, you will receive a package of closing documents that you will need to review carefully. The package may include the purchase agreement, loan documents, title insurance policy, and other related documents. Make sure that you understand all the terms and conditions before signing anything.

6. Closing: Finally, it`s time to close on the property. This usually involves signing all necessary documents and paying any closing costs and fees. Once this process is complete, you will receive the keys to your new home!

In conclusion, signing the purchase agreement is just the first step in the home buying process. Make sure that you follow these important steps to ensure a smooth and successful closing.

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