"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
- 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.
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,
- 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
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
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
- Items Needed for Closing
- Drivers License
- Proof of 1 year of Home Owners Insurance
- Other items may be required for closing as well
Closing costs are usually associated and distributed at the time
possession of your home. For details on how much these can total,
and how to protect your purchase against future claims, read
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
- The seller will give you the title to the house in the form of a
- 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
- HUD-1 Form (itemized list of all related
closing costs, this form must be completed and given to you at or
- Truth-in-Lending Statement
- Mortgage Note
- Mortgage or Deed of Trust
- Binding Sales Contract (prepared by the seller; your lawyer should
- 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
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