What happens after my offer is accepted and before I get the keys?

Follow the purchase agreement and its deadlines

An accepted offer is an important milestone, but the purchase is not finished. Once the parties sign the agreement, the transaction enters the period before closing. The contract identifies key dates and any conditions that must be met, including financing, inspections, and appraisal requirements. You may also need to deliver an earnest money deposit as specified in the agreement. According to NAR, this money is generally held in escrow and applied to your purchase at closing. Keep copies of your documents, confirm who is holding the deposit, and follow every deadline.

Complete inspections, financing, and title review

If your agreement provides an inspection period, arrange the inspection promptly. The findings may lead to additional evaluations or negotiations, depending on the contract. Meanwhile, your lender reviews updated financial documents, orders an appraisal when required, and completes the mortgage approval process. A title search checks whether there are liens or other ownership issues that could affect the transfer. You will also need to arrange homeowners insurance and review the loan terms and closing expenses. Respond quickly to lender requests, and avoid major changes to your credit or finances until the loan closes.

Review documents and prepare for closing

The Consumer Financial Protection Bureau (CFPB) recommends reviewing the Closing Disclosure against your Loan Estimate and asking about unexpected differences. For most covered mortgages, the Closing Disclosure must arrive at least three business days before closing. A final walkthrough lets you verify the home’s condition and any agreed-upon repairs. At settlement, you’ll sign the required documents and provide the verified funds due. Possession and delivery of the keys occur according to the purchase agreement, which may not always be the exact moment documents are signed. Always verify wiring instructions through a trusted telephone number before sending money.

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Sources

National Association of REALTORS®: Consumer Guide: Steps Between Signing and Closing on a Home

Consumer Financial Protection Bureau: Closing on Your New Home; Close the Deal; Beware of Mortgage Closing Scams

*Deadlines, possession rights, and contractual obligations depend on the agreement. Consult a qualified Pennsylvania real estate attorney for legal questions. Includes AI-generated content.