"VIP took the guess work out of everything... Tammy under-promised and over-delivered, and always within the timeline she gave us."
After Your Offer is Accepted to Buy a Home in Central Indiana
After Your Offer is Accepted: Finalizing the Contract, Home Inspection, Financing, Final Walk-Through, Closing, Settlement, Closing Costs, Title Insurance
Congratulations! The Seller has accepted your offer. Your VIP Realty agent will now take you through the final steps to home ownership in Indiana, which include:
- Finalizing the contract - make sure all agreed-upon changes are made correctly
- Complete a home inspection - we recommend that you have the home inspected by a licensed professional
- Get financing if not pre-approved
- Do a final walk through - as you walk through the house, conduct your own personal inspection. This is usually done just prior to closing.
- Go to closing and settlement
Home Inspection & Final Walk Through
Before your home closing, you should have your new home thoroughly inspected to protect you against unforeseen damages. We can provide a list of reputable home inspectors in the Central Indiana area, if needed.
Costs of Home Inspections
- Basic Inspection ranges from $155 to $450
- Termite Inspections are usually $50
- Radon Inspections range from $125 to $150
- Other inspections are available such as drinking water, well, and septic.
Download the Consumer Housing Inspection Report from Freddie Mac to use as a guide when viewing the home. (PDF opens in new window)
Just prior to closing on your home, it is advisable to complete a final walk through the home. This will likely be the first opportunity to examine the house without furniture, wall hangings, occupied closets and storage, etc.
- Check the walls and ceilings thoroughly to make sure all necessary repairs that have been agreed to are done. Review the inspection points. Ensure that everything noted on the inspection report has been completed as specified in the Purchase Agreement and/or Counter Offers.
- Make one more visual inspection as you complete your final walk through.
Any problems that were previously discovered and have not been corrected as specified in the negotiations must be noted prior to closing. It is the seller's responsibility to fix them.
Closing & Settlement
The final step to home ownership is closing the offer and settling the title transfer and ownership. For detailed information, you can read Settlement Costs and Helpful Information from the Federal Consumer Information Center: (PDF opens in new window)
The closing process is usually done at a title insurance company in Indiana to protect the party's interest, including the Buyer, Seller, Realtor, and Loan Consultant.
- Title Insurance Companies – these are chosen by the Listing Agent of the property or by the Builder if it is a new construction home.
- Items Needed for Closing
- Drivers License
- Proof of 1 year of Home Owners Insurance
for the Buyer
- Other items may be required for closing as well
Closing costs are usually associated and distributed at the time you take possession of your home. For details on how much these can total, and how to protect your purchase against future claims, read About Closing Costs & Title Insurance.
After Your Offer is Accepted: Closing Day
On closing day:
- You will need to present proof or receipt that you have paid for your homeowner's insurance policy for the new home.
- The closing agent (or attorney) will list the money you owe the seller (remainder of down payment, prepaid taxes, etc.) The closing agent (or attorney) will then list the money the seller owes you (unpaid taxes and prepaid rent, if applicable).
- The seller will provide proofs of any inspection, warranties, etc.
- You will sign the mortgage agreement and mortgage note, agreeing to the lending and repayment provisions. You will also agree that if you fail to make payments, the lender is entitled to sell your property and apply the sale price against the amount you owe plus expenses.
- The seller will give you the title to the house in the form of a signed deed.
- You will pay the lender's agent closing costs. The agent will then provide you a settlement statement listing by line item those costs that you have paid.
- The deed and mortgage will then be recorded in the state Registry of Deeds listing you as the new homeowner. You will then take possession of the home.
At the closing, you should receive:
- Settlement Statement
- Alta Settlement Statement(itemized list of all related closing costs, this form must be completed and given to you at or before closing)
- Truth-in-Lending Statement
- Mortgage Note
- Mortgage or Deed of Trust
- Binding Sales Contract (prepared by the seller; your lawyer should review it)
- Keys to your new home
The Last Step: Moving Into Your Home
One of the most stressful aspects of buying or selling a home is the move. Use our Moving Guide to help plan and schedule important moving tasks to make your move as easy and stress-free as possible.
VIP Realty would like to be the first to say "Welcome Home to Central Indiana". We wish you years of happy and healthy home ownership.
For more information about how VIP Realty can help you buy a home in Central Indiana, call Tammy Bookout at (317) 345 - 8269 or toll-free at 888-VIP-0002 (888-847-0002), or send Tammy an e-mail, or submit the Request for Information form below.