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An accepted offer starts the next phase
After accepting an offer on a home, you still have several steps to complete before the sale is final. The signed purchase agreement sets the timeline for those steps. It also outlines each party’s duties and any conditions that must be met before closing.
According to the National Association of REALTORS® (NAR), these conditions, called contingencies, may involve inspections, financing, or an appraisal. The buyer may also make an earnest money deposit to show a serious intent to purchase. Because every agreement is different, sellers should carefully review its terms and deadlines.
Expect inspections, financing and title work
The buyer may arrange a home inspection if the purchase agreement allows one. If the inspection finds problems, the next steps depend on the contract. For example, the parties may discuss repairs, credits, or other changes. However, these outcomes are not automatic and depend on the agreed terms.
Meanwhile, buyers using a mortgage must obtain final loan approval. The lender may order an appraisal to assess the home’s value. A title search also checks for ownership issues or liens that could affect the sale. These steps often happen at the same time, making it important to stay organized and respond promptly.
Prepare for closing and your move
While the buyer completes these steps, sellers can prepare for their move and gather any requested documents. They should also maintain the home as required by the agreement. Before closing, the buyer may conduct a final walkthrough to confirm the property’s condition and check any agreed-upon repairs.
At closing, the required documents are signed, funds are distributed, and the transaction is completed. The buyer takes possession according to the terms of the agreement. Although the process often takes several weeks, the actual timeline can vary. For questions about contracts, title issues, or closing requirements, a qualified Pennsylvania real estate attorney or title professional can provide guidance.
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