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What Happens After You Sign Your Purchase Agreement Congratulations! You've found your dream home in Nashville, Indiana, and your offer has been accepte...
Congratulations! You've found your dream home in Nashville, Indiana, and your offer has been accepted. That purchase agreement you just signed marks the beginning of an exciting journey toward homeownership. But what exactly happens next? Let's walk through the steps between "yes" and getting your keys.
Once your purchase agreement is signed, several professionals spring into action simultaneously. Your real estate agent will coordinate with the seller's agent to establish timelines and share important documents. Your mortgage lender will begin processing your loan application in earnest, requesting additional documentation and ordering an appraisal.
During this time, your title company - that's us - receives the purchase agreement and begins the title search process. We're looking through public records to trace the property's ownership history and identify any issues that need to be resolved before closing. Think of it as creating a clear pathway to your ownership.
Most purchase agreements include an inspection contingency period, typically 7-10 days. This is your opportunity to have the property professionally examined. In Brown County, many homes have unique characteristics - from historic properties in downtown Nashville to cabins near Brown County State Park - so having an experienced local inspector is valuable.
While you're scheduling inspections, your lender is working on the appraisal. The appraiser will visit the property to determine its market value, ensuring the loan amount aligns with the home's worth. In our area's diverse market, appraisers understand the premium that comes with being near attractions like the shops on Van Buren Street or having acreage backing up to state forest land.
Your title work continues during this period as well. We're not just checking for liens or ownership issues - we're also preparing for a smooth closing by coordinating with all parties involved.
If your inspection reveals items you'd like the seller to address, this is when those negotiations typically happen. Maybe the cabin you're buying near Yellowwood State Forest needs some roof repairs, or the historic home downtown could use updated electrical work. Your agent will help you determine what's reasonable to request and navigate any counter-offers.
Your mortgage lender is now deep into underwriting - the detailed review process where they verify your income, assets, and creditworthiness. They might request additional documents, like recent pay stubs or bank statements. While it can feel like a lot of paperwork, this thorough process protects both you and the lender.
From the title perspective, we're resolving any issues that surfaced during our search. Sometimes this involves working with the seller to clear up an old mortgage that should have been released, or ensuring that property taxes are current. Our job is to make sure you receive clear ownership when you sign those closing documents.
As closing approaches, everyone's efforts converge. Your lender completes the final underwriting review and prepares your loan documents. We prepare the closing statement, which details all the financial aspects of your transaction - how much you're paying, what the seller receives, and how costs like taxes and insurance are divided.
You'll receive your closing disclosure at least three business days before closing. This document shows your final loan terms and closing costs. Review it carefully and compare it to the initial estimates you received. Small changes are normal, but if you notice anything significantly different, ask questions right away.
During this time, we're also coordinating with your insurance company to ensure your homeowner's policy is ready to take effect at closing. In Brown County, where properties range from downtown historic homes to rural retreats, making sure you have appropriate coverage is essential.
A few days before closing, your agent will typically arrange a final walkthrough. This is your chance to confirm that any agreed-upon repairs were completed and that the property is in the same condition as when you made your offer. It's also when you'll verify that items supposed to stay with the house - like that beautiful light fixture in the dining room - are still there.
Your lender will conduct a final review of your financial situation. Avoid making major purchases or changing jobs during this period, as these changes could affect your loan approval.
When closing day arrives, you'll meet with us at our office or another agreed-upon location. We'll walk through each document, explaining what you're signing and answering any questions. You'll receive the keys to your new home, and we'll file the deed with the Brown County Recorder's Office, making your ownership official.
The whole process typically takes 30-45 days from the time your offer is accepted. While each transaction is unique, understanding these general steps helps you feel prepared for what's ahead.
Moving to Nashville, Indiana, means joining a community that values both natural beauty and small-town charm. Whether you're settling into a neighborhood near the elementary school or finding your retreat among the rolling hills, you're about to become part of something special.