What Happens After the Contract is Signed? A Step-by-Step Guide for Homebuyers

Once you've signed the contract to purchase a home, the process isn't over yet. Several important steps remain before you can officially call the property your own. Here's a breakdown of what typically happens after the contract is signed, and how Lisa Lum can help guide you through the process.

Property Inspections and Negotiations

After signing the contract, property inspections are usually performed to assess the condition of the home. These inspections can uncover issues ranging from minor repairs to major problems. If any significant issues arise, it may lead to renegotiations between the buyer and seller. Lisa will help you navigate these discussions, ensuring that you’re protected and that necessary repairs or credits are addressed.

Financing and Homeowners Insurance

If you're financing the home through a mortgage, securing a loan is the next step. Lisa works closely with trusted lenders to ensure you get the best financing options available. Additionally, lenders will require that you secure homeowners insurance before the loan is finalized. Having Lisa’s connections with top loan agents can streamline this process, helping you get approved more efficiently.

Transferring Utilities

As the buyer, you'll need to arrange for the transfer of utilities—such as electricity, water, and gas—from the seller to yourself. This is usually done in the final stages of the sale, and Lisa can provide a timeline and checklist to make sure nothing is overlooked during this transfer.

Estimating Closing Costs

The title company will prepare an estimate of the closing costs, which include fees for the title search, loan processing, and other administrative expenses. To avoid any last-minute surprises, it's important to request a copy of the closing documents early in the process. Lisa can help review these documents with you to ensure you understand every detail before you sign.

Vacating the Property and Walk-Through Inspection

In most cases, the seller will need to vacate the property before the final walk-through inspection. As the buyer, you’ll perform this inspection to ensure that the home is in the agreed-upon condition and that all required repairs have been made. Lisa will be by your side during this walk-through, ensuring everything is in order and that you’re fully satisfied with the condition of your new home.

Transferring Funds and Closing Escrow

California law requires that all funds for the purchase must be transferred in the form of a cashier’s check or via wire transfer. Lisa will work with you and the escrow company to ensure that the necessary funds are transferred smoothly and securely into the escrow account. Once the funds are in place, the transaction can proceed toward closing.

Removing Contingencies

If inspections or other contingencies were included in the purchase contract, they must be removed before closing. Contingencies protect you from unexpected issues, but once everything is satisfactory, Lisa will help you formally remove them, allowing the sale to move forward.

Final Walk-Through

Just before closing, you'll conduct a final walk-through of the property to confirm that all conditions of the sale have been met, that the home is in good condition, and that any agreed-upon repairs have been completed. This is your last chance to ensure that everything is as expected before the sale is finalized.

From property inspections to closing escrow, Lisa ensures that every step of the home-buying process is seamless. With her expertise, proactive communication, and meticulous attention to detail, you can trust that no aspect will be overlooked. Let Lisa guide you through the process smoothly, so you’ll be moving into your new home with confidence—and excitement for what’s next!