When you are making what is likely the largest investment of your life, you should know as much as possible about what you are buying. That’s why it’s a good idea to have a home inspected before you make your purchase. Most purchase contracts contain provisions for a home inspection to be performed within a certain timeframe, and sometimes they specify what action the buyer and seller may take if problems are uncovered.

Finding a home inspector
It’s very important that you choose a qualified inspector who has plenty of experience with residential homes. Contact a national or state association of home inspectors to find out what certifications it requires for membership and if there are any members in your area. You may also want to ask your real estate agent for a list of reputable companies.

What the inspection should cover>
At a minimum, the inspector should examine the following:

• Exterior structural components, including the foundation, roof, siding, and chimney.
  
• Interior structural components, including the basement or crawlspace, attic, flooring, and ceilings.
  
• Major systems, including heating, cooling, plumbing, and electrical.
  

You should make every effort to be present during the inspection so that you will have an opportunity to ask questions and see first-hand what the inspector looks at. You should receive an inspection report with descriptions, and possibly photographs, of any problems with the home.

You’ve found your home, agreed on a price with the seller, had the home inspected, and now you’re ready for the closing, where you will officially take ownership of the property. Welcome to the end of the home buying process—and the beginning of your homeownership journey.

When to schedule your closing
The closing date will depend on when the seller is ready to move out, when you are ready to move in, and when all of the mortgage details have been finalized. You may want to request a closing date near the end of the month in order to minimize the amount of interest you have to prepay on your mortgage.

Who should be there
Closing practices vary based on location, but attendees may include the following:

• Buyer and seller
  
• Real estate agents for the buyer and seller
  
• Closing agent
  
• Title company representative
  
• Mortgage company representative
  
• Attorney
  

What happens at closing
Despite all the new technologies that are streamlining the mortgage process, the closing phase remains very paper-intensive. You will have to review and sign a hefty stack of documents, some of them in duplicate and triplicate. You will also have to pay for any closing costs, including:

• Lender fees, such as an appraisal fee, credit report fee, origination points, and discount points
  
• Third-party fees for services not provided by your lender, which may include a settlement fee, title insurance, and attorney’s fees
  
• Prepaid items that must be paid to your lender in advance, such as prepaid interest, hazard insurance, and deposits to set up an escrow account

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