Contract review and home loan application

A new inexperienced home buyer is always vulnerable to the market. He can be tricked anytime within the buying cycle. Still, with the help of professionals, it can be pulled off. Now that you have done everything related to the funds and made down payment for buying a home the next step is to sign the contract from the seller. But before you sign above the dotted line make sure that you read each and every clause of the contract.

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 in case your bank declined to finance.

Speaking of the defects, you must do a proper inspection of your new home before you decide to move in. There are inspectors available who do the inspection for your home at some costs. In case some defects are found in your new home then you can straight away ask for lowering the price to help recover the cost of home repairs. Also in case, you found that there is some structural problem then you can simply back out now without any further delays.

Once everything is confirmed that there are no big defects in your new home you can go ahead to sign up the contract. Make sure that you do a walk-through to confirm that nothing has changed since the inspection. Ask the settlement agent for copies of all the paperwork you'll sign before closing, so you can carefully review them at your free time. On closing day, bring your photo I.D., as well as any paperwork you received throughout the home-buying process, including insurance and home inspection certificates. Once you've signed the paperwork, you'll be handed the keys… and you'll officially become a homeowner!