What to Expect When Buying a Home

Buying a home can be both exciting and intimidating at the same time.  Here is a brief overview of what happens when purchasing a home.

Buying a Home Overview


Earnest Money Depost

The earnest money funds accompany your offer to purchase a home and are collected when the contract is signed by all parties. These funds will need to be collected within the time allocated per the purchase agreement. Once collected, these funds will be held in a trust account and applied towards your down payment at closing.


Inspection (if applicable)

Professional home inspections are invaluable to determine the condition of the property you plan to buy. The inspection(s) will need to be completed within the timeframe specified per the purchase agreement. The home inspection typically takes 2-3 hours and usually cost between $450-$600 (depending on the types of inspection).


Inspection Contingency Release (if applicable)

Once the inspection report is complete, you will receive a copy of their findings as well as your agent. At this time, if you would like to request repairs, you and your agent will help determine the best course of action.


Financing (if applicable)

Once the purchase agreement has been accepted, the borrower now can begin the loan application process. The loan officer will provide guidance as to what is needed from the borrower.


Appraisal (if applicable)

The lender orders the appraisal of the property to be purchase through a 3rd party vendor. Appraisals typically take 1-2 weeks to be scheduled once ordered and 4-5 business days to get back to the lender once completed. The borrower pays the lender in advance for the appraisal.


Condo Documents (if applicable)

If you are purchase a property that has an association (typically condo/townhomes), you will be provided with condo documents from the listing side. You will have a minimum of 3 days to review, but most likely 10 days.



Homeowners hazard (and flood insurance, if applicable) must be established prior to closing, as required by your lender. The coverage is designed to protect your investment and give you peace of mind. If you are purchasing with cash, we advise you discuss your homeowner's insurance and options with an insurance agent prior to closing.



Your lender will require a home survey prior to closing. The survey fee is included in your closing statement. The cost of a survey varies and is based on the size of the property.


Home Warranty

The seller may provide a home warranty, if not or was not agreed upon in the purchase agreement, you may purchase one and the cost can be included at closing. The average cost is between $400-$550 (depending on the warranty chosen).



Arrange for home utility connections to start the day of closing or possession, so you can enjoy a smooth transition to your new home. Utilities may include: electric, gas, water, phone, cable, internet and trash/recycling collection.


Closing Funds

The settlement statement will be issued by the title company once they receive your loan package from the lender, typically 24-72 hours prior to closing. Funds may be wired prior to closing to the title company. Your title company will be in touch prior to closing to assist with the process.


Final Walk-Through

Typically the day before closing or the day of closing you will schedule your final walk-through with your agent to ensure everything is in the condition you expect, and all repairs have been completed (if applicable).


Closing Day

We will review the closing date, time and place with you in advance of closing. All parties whose names are on the contract must be present, unless arrangements are made with the title company. Remember to bring a photo ID and social security number to closing.