Are we done yet?
Pay special attention to contingencies in the contract, which spell out situations when you can back out of the sale to help protect yourself in case something goes wrong. For instance, such scenarios can include if you discover that the home has serious physical defects or if your bank rescinds financing.
Once you've reviewed the contract, you'll get the home inspected. If there are issues, such as a non-functioning fireplace, you may be able to ask for a price reduction to help cover the cost of repairs. And if you find any deal breakers, such as an unstable foundation or serious mold, you have the option of backing out now.
Once your inspector confirms that there are no big defects that could affect the home's value, you'll submit a mortgage application. Review all closing costs—the ones you've hopefully saved up 3% to pay for, which might include title insurance and partial property taxes—before you sign the contract.
Prior to signing day, make sure you ask for copies of the paperwork so you can carefully review them before signing. You'll be signing several documents that day and it can be overwhelming if you haven't reviewed them prior to the appointment.
On signing day, make sure you have your photo I.D. and any parties that are involved will be present.
In addition to signing your paperwork, you also are able to do a final walkthrough. This gives you the chance to take one final look and confirm nothing has changed since the inspection.
In Nevada, you don't receive the keys when you sign, but rather a few days later. So take this time to celebrate becoming a homeowner before moving begins!
Click below to read our previous blog posts at the other steps in the home buying process!
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