House Is under Contract Now What

If you`re selling your house, getting it under contract is a significant milestone. But what happens next? What should you expect? Here`s a breakdown of what happens after your house is under contract:

1. Earnest Money Deposit

Once your house is under contract, the buyer is usually required to put down an earnest money deposit. This deposit shows that the buyer is serious about the purchase and will go towards the down payment or closing costs.

2. Home Inspection

The next step in the process is the home inspection. The buyer will hire an inspector to check the condition of the house. The inspection report will detail any issues with the property, which could lead to further negotiations or repairs.

3. Appraisal

After the inspection, the buyer`s lender will order an appraisal of the property. This process ensures that the value of the property matches the agreed-upon price. If the appraisal comes in lower than the sale price, there may be negotiations between the buyer and seller.

4. Title Search and Insurance

The buyer`s lender will also conduct a title search to ensure that the property`s title is clear. This process ensures that there are no liens, judgments, or other issues that could impact the buyer`s ownership of the property. The buyer will also purchase title insurance to protect them in case any issues arise in the future.

5. Closing

Finally, it`s time to close on the property. At closing, the buyer will sign all of the necessary paperwork and pay the down payment and closing costs. The seller will transfer ownership of the property to the buyer, and the property will officially change hands.

In conclusion, getting your house under contract is a significant step in the home selling process. However, there is still a lot of work to be done before the deal is complete. By understanding what to expect after your house is under contract, you can make sure that the transaction runs smoothly and efficiently.