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5 Crucial Steps After Signing a Home Contract

The home contract or purchase agreement outlines the terms and conditions upon which the buyer and seller have agreed regarding the property sale. The process of signing can be an exciting one because it marks a significant step towards home ownership.

Studies have found that the median age for first-time homeownership in the US is 38 years. Be it any age, securing a house is generally a result of sweat and toil. It is something to rejoice over, especially when you are legally committed to purchasing the property.

However, there is still some due diligence left to do. In this article, we will discuss five steps every individual who has signed their home contract must take.

Property Inspection

Property Inspection
Source: Freepik.com

Once you have signed your new home’s contract, it is time to have the property thoroughly inspected. It is mandatory to know anything that may be wrong with the property.

During an inspection, make sure the following areas are checked – foundation, roof, plumbing, electrical systems and HVAC. Choose a reliable home inspector and have them run an inspection as soon as possible.

Most new homeowners come across certain issues that may go unnoticed at a glance. Some can have disastrous consequences over time, as this couple discovered. All issues will have to be repaired, but some may cost significantly more than others.

Let us take a closer look at all such problems:

  • There may be structural issues, especially in the attic and crawlspace. They usually happen due to poor construction, natural disasters and drainage problems. Severe structural issues are rare, which means you can get them repaired.
  • The next area problems arise is the roof. This may include loose shingles, incorrect flashing and exposed nailheads. Minor issues can be easily dealt with at the time of closing. In case of significant damages, get a quote and negotiate the costs with the seller.
  • Plumbing issues are also commonplace, and they may span from mild to severe. This means some homes simply suffer a leaky faucet, whereas others require a complete replacement of the plumbing system. Active leaks lead to other problems like water damage, rot and mold. It is best to call off the contract in such cases instead of closing the deal.
  • Electrical issues become a considerable issue in older homes. The faulty or outdated wiring system calls for a skilled electrician’s evaluation. These issues usually do not convey the complete story. If the uncertainty is too much to bear, do not proceed with the contract.
  • HVAC system issues are standard and may be due to incorrect ductwork or old units. They can be easily repaired by changing air filters, sealing ductwork and tuning up to newer systems.
  • Termites are another major problem across many US homes. Some cities have worse termite infestation than others, including Miami, San Diego, New York City, Tampa and Dallas. A local pest company can bring the property under a termite bond. If the damage is extensive, it is unwise to purchase such a property.

Getting a Home Insurance

A homeowner reviewing insurance documents at a desk

Many buyers are surprised to discover that they must get their property insured after signing the legal contract. In a way, this is natural because it is better to get insurance once the deal is closed and the home is officially yours.

It would just be that it is not the way the real estate industry works. Even while you wait until the settlement to take place, the property is your risk as its buyer. There are several reasons why you must get homeowners’ insurance without relying on the seller, including –

  • The seller may never take out insurance.
  • The seller could be unwilling to claim on their insurance policy.
  • The existing insurance could be canceled by the seller.
  • There may be certain damages that the seller’s insurance does not cover.

According to Hippo, if your home were to be damaged due to fire, storm, or any other disaster, you should be able to rebuild and replace everything you lost. Not all insurance policies cover all possible risks and catastrophes.

You can have total peace of mind only when you select a custom home insurance policy based on your needs.

If your property is not insured and any of the above circumstances apply, you may be unable to terminate the legal contract. Not only that, but you will also fail to get a

reduction in the price of damages that occur before settlement. So, approach an insurer as soon as you sign the legal contract.

Setting a Closing Date With Attorneys

Setting a Closing Date With Attorneys

Keep in mind that not all US states have specific closing dates for properties. In some like New York, buyers are often driven crazy with uncertainty due to an ‘on or about’ closing date.

Thankfully, you do not need to live through this sense of ambiguity. As the buyer, you can amend the contract, and the seller may accept or decline the proposed changes.

We would recommend scheduling your closing early enough so your attorney has enough time to work on that day. Consider connecting your real estate agent to the lender or attorney.

They will work together to accelerate the closing process. After all, your attorney will require all the necessary forms filled out before closing.

Lock Changes

This is another step you cannot afford to skip after signing the home contract. The main reason for this is the uncertain copies of the previous keys. There is no way to know how many keys are in circulation from the property’s previous owner.

In many cases, multiple people have had access, be it family members or friends. This makes your home vulnerable to unauthorized access. If you wish to enjoy maximum security and peace of mind, it is best to have complete control over the lock and keys.

So, go for robust home lock shopping as a priority. While you are at it, choose a lock that is compatible with your door’s type and frame. You can even explore keyless smart lock options that can be controlled via smartphones.

As for the material, choose durable ones like stainless steel or brass. To assess the level of security needed, consult with a qualified locksmith for the best options. No matter what you choose, ensure you change all the locks of your home. If required, buy separate locks for windows as well.

Setting Up Utilities

There are certain services that are so essential that you cannot afford to go without them, even for a day. This holds true even when you have just moved into your new home. So, once you have taken care of the above, it is time to set up utilities like electricity, water and internet before the move-in date.

You can then shift your stuff without any worries. All utility bills will become your responsibility from that day onward. The overall charges will depend not only on your consumption but also on the state in which you reside.

For instance, some US states charge incredibly low electricity prices, including North Dakota, Wyoming, Louisiana and Utah. On the other end of the spectrum, Hawaii has the highest electricity rates as of 2024.

The sooner you establish your utilities, the better you can plan usage and avoid wastage. Moreover, you can turn on the various appliances and test them before the grand move-in day.

Before wrapping up, we would also encourage you to meet your neighbors. It is important to get a sense of the community you are soon to be a part of. It will also help you build positive relationships and identify potential issues with the existing neighborhood dynamics.

As far as lasting security and being settled are concerned, it will take some time and adjustments. However, acquainting yourself with neighbors is a good start as it will familiarize you with the surroundings, local services, means of commuting and even nearby places to eat or shop.

Once you have left your signature on the home contract, do not sit idle. Do all that this article has discussed so you have little to worry about later on.

Read Next: Art and Real Estate: How Main Line Homes Showcase Artistic Flair

Terrill Welch
Terrill Welch
Meet Terrill Welch, your home transformation expert, offering sage advice on creating blissful backyards, serene bedrooms, and securing your sanctuary with expertise in home improvement and security.

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