Wichita Real Estate Blog | Tips for Buying, Selling, and Living in Wichita, KS

Closing on a House: 10 Steps From Accepted Offer to Getting the Keys

After your offer is accepted, the home closing process usually includes inspections, financing, an appraisal, title work, homeowners insurance, final loan approval, a final walkthrough, signing documents, and transferring the property.

For a financed purchase, the process from an accepted offer to closing may take approximately 30 to 60 days. The actual timeline depends on your contract, loan, inspections, appraisal, title work, and whether any unexpected issues arise.

Here are the typical steps involved when closing on a house in Wichita and the surrounding area.

Closing on a House: Steps at a Glance

1. The buyer and seller sign the purchase contract
2. The buyer deposits earnest money
3. Inspections are completed
4. The mortgage goes through underwriting
5. The lender orders an appraisal
6. The title company researches ownership
7. Insurance and closing funds are finalized
8. The buyer receives final loan approval
9. The buyer completes a final walkthrough
10. Documents are signed, funds are transferred, and keys are delivered

Some of these steps happen at the same time, so buyers will often communicate with their real estate agent, lender, insurance company, inspector, and title company throughout the process.

Step 1: The Offer Is Accepted

The closing process officially begins once the buyer and seller have signed the purchase contract.

The contract establishes important details, including:

• Purchase price
• Closing date
• Earnest-money amount
• Inspection deadlines
• Financing terms
• Appraisal requirements
• Items included with the house
• Seller-paid closing costs
• Possession date

The closing date is the target date for completing the transaction, but the contract also contains several deadlines that occur before closing.

Missing one of these deadlines can affect the buyer’s contractual rights, which is why your real estate agent should track the dates and communicate what needs to happen next.

Step 2: The Buyer Deposits Earnest Money

Earnest money is a deposit showing that the buyer intends to move forward with the purchase.

The amount and delivery deadline are established in the purchase contract. The money is generally held by the designated escrow or closing company until the transaction is completed.

Earnest money is not normally an additional charge added to the purchase price. At closing, it is typically credited toward the buyer’s required funds.

Whether earnest money is refundable depends on the terms of the contract and the reason the transaction does not close.

Step 3: The Buyer Completes Inspections

The home inspection normally takes place early in the closing process.

A general home inspector evaluates the visible condition of major components, which may include:

• Roof
• Foundation
• Electrical system
• Plumbing
• Heating and cooling systems
• Windows and doors
• Attic and insulation
• Built-in appliances
• Interior and exterior condition

Depending on the property, a buyer might also consider a sewer-line inspection, chimney inspection, structural evaluation, mold assessment, pool inspection or other specialized inspection.

After reviewing the reports, the buyer may accept the property in its current condition or negotiate repairs, credits or other solutions according to the contract.

An inspection is different from an appraisal. The inspection is primarily for the buyer’s understanding of the home’s condition. The appraisal is primarily used by the lender to evaluate the property.

Step 4: The Mortgage Moves Through Underwriting

Preapproval does not mean the mortgage process is finished.

Once the buyer has a signed contract, the lender begins reviewing the specific property and verifying the buyer’s financial information.

The lender may request updated documents such as:

• Bank statements
• Pay stubs
• Tax returns
• Employment verification
• Explanations of deposits
• Documentation showing the source of closing funds

Responding to lender requests quickly can help keep the closing on schedule.

Buyers should avoid opening credit cards, financing furniture, purchasing a vehicle, changing jobs or making other major financial changes before closing. New debt or employment changes can affect the buyer’s final mortgage approval.

Even when the loan appears to be approved, it is smart to speak with the lender before making a large purchase or moving significant amounts of money between accounts.

Step 5: The Lender Orders the Appraisal

For most financed purchases, the lender orders an appraisal.

An appraisal is an independent opinion of the property’s value. The lender uses it to evaluate whether the home provides sufficient security for the mortgage.

The appraiser may consider:

• The home’s size and condition
• Recent comparable sales
• Location
• Lot size
• Bedrooms and bathrooms
• Improvements and updates
• Current market conditions

If the appraisal supports the purchase price and no lender-required repairs are identified, the transaction can continue.

When an appraisal comes in below the purchase price, the buyer and seller may need to renegotiate, challenge the appraisal, change the financing structure or use another solution permitted by the contract and lender.

Step 6: The Title Company Completes Its Research

The title company researches the property’s ownership history and identifies issues that may need to be resolved before ownership can transfer.

Possible title issues include:

• Existing mortgages
• Unreleased liens
• Judgments
• Ownership disputes
• Recording errors
• Unpaid assessments
• Probate or estate issues

The goal is to confirm that the seller can legally transfer ownership and that identified title requirements are addressed before closing.

The title company also helps prepare closing documents, calculate the final settlement figures and coordinate the transfer of funds.

Step 7: The Buyer Finalizes Insurance and Closing Funds

The buyer will generally need homeowners insurance in place before the lender allows the transaction to close.

Insurance companies may consider the property’s:

• Age
• Roof condition
• Claims history
• Replacement cost
• Electrical and plumbing systems
• Location
• Additional structures

Waiting until the last minute to obtain insurance can create problems, especially when the home has an older roof, prior claims or unusual property features.

The buyer should also confirm the amount and approved method for delivering closing funds. Depending on the closing company, funds may need to be sent by wire transfer or provided through another verified method.

Important Wire-Fraud Warning

Homebuyers are frequent targets of fraudulent emails containing fake wiring instructions.

Never rely solely on emailed wiring instructions. Call the closing company using a previously verified telephone number and confirm the instructions before transferring money. The Consumer Financial Protection Bureau warns that mortgage-closing scams can target buyers shortly before closing.

Step 8: The Buyer Receives Final Approval and Closing Disclosure

Once the lender has approved the buyer, property, appraisal and other required documentation, the loan may receive final approval—often called being clear to close.

Before a typical mortgage closing, the lender must provide the buyer with a Closing Disclosure at least three business days before closing.

The Closing Disclosure shows important details such as:

• Loan amount
• Interest rate
• Estimated monthly payment
• Closing costs
• Taxes and insurance
• Lender credits
• Seller credits
• Earnest-money credit
• Final cash needed from the buyer

The buyer should compare it with the original Loan Estimate and ask about unexpected changes.

Do not wait until the signing appointment to raise questions. Review the numbers as soon as the disclosure becomes available.

Step 9: The Buyer Completes the Final Walkthrough

The final walkthrough usually takes place shortly before closing, often within approximately 24 hours.

This is not another complete inspection. Its purpose is to verify that:

• The home is still in the expected condition
• The seller has removed personal belongings
• Agreed-upon repairs have been completed
• Included appliances and fixtures remain
• No significant damage has occurred
• The home’s major systems are operating
• The property has not been left full of trash or debris

Freddie Mac recommends completing a formal walkthrough shortly before closing and confirming that agreed-upon repairs were completed and the seller has vacated as required.

Buyers should not skip the walkthrough, even when the house was vacant or appeared to be in excellent condition during the inspection.

Step 10: Closing Documents Are Signed

Closing is the final step in buying and financing the property. It is when the necessary documents are signed to complete the transaction and establish the buyer’s mortgage obligations.

The buyer may sign documents including:

• Closing Disclosure
• Promissory note
• Mortgage or other security instrument
• Initial escrow disclosures
• Tax and insurance documents
• Title documents
• Affidavits required for the transaction

The seller signs documents transferring ownership, including the deed and settlement paperwork.

Buyers should bring an acceptable photo ID and follow the closing company’s instructions regarding funds and required documentation.

Take time to read what you are signing. A buyer is not required to sign documents containing terms they do not understand or that do not match the agreed loan.

When Does the Buyer Get the Keys?

The buyer receives the keys according to the possession terms in the purchase contract.

In many transactions, possession occurs after closing has been completed and the required funds and documents have been processed. However, signing papers does not automatically guarantee immediate possession in every transaction.

Some contracts provide for possession later the same day or allow the seller to remain temporarily after closing.

Your real estate agent should explain the possession terms before you sign the initial offer—not while you are sitting at the closing table.

What Can Delay Closing on a House?

Common closing delays can involve:

• Missing lender documents
• Changes in the buyer’s credit or employment
• Appraisal issues
• Incomplete repairs
• Title defects
• Difficulty obtaining homeowners insurance
• Unverified funds
• Problems discovered during the final walkthrough
• Delayed documentation from either party
• A buyer or seller needing to change the closing date

Many delays can be avoided through early preparation and consistent communication.

Buyers should answer lender requests quickly, avoid financial changes, secure insurance early and stay available as closing approaches.

What Should Sellers Do Before Closing?

Sellers also have several responsibilities during the home closing process.

Before the walkthrough and closing, the seller should generally:

• Complete agreed-upon repairs
• Remove personal property
• Leave included fixtures and appliances
• Maintain the home’s condition
• Keep utilities operating
• Provide keys, remotes and access devices
• Review the closing figures
• Sign the required documents

The property should be left in the condition required by the contract.

Frequently Asked Questions About Closing on a House

How long does closing on a house take?

For a financed home purchase, the overall process may take approximately 30 to 60 days. Cash transactions can sometimes close more quickly, while financing, appraisal, repair or title issues may extend the timeline.

What does “clear to close” mean?

Clear to close generally means the lender has completed its final review and approved the mortgage, subject to any last-minute verification or closing requirements.

Do I need to attend closing in person?

It depends on how the closing is arranged. Some transactions use an in-person signing, while others may use electronic, remote or hybrid signing procedures.

Can I move in immediately after closing?

Possession depends on the purchase contract. Buyers should verify exactly when they are entitled to enter and occupy the property.

Can a closing date change?

Yes. Appraisal, financing, title, repair or scheduling issues can affect the closing date. The parties should work through their real estate professionals and closing company when a change is needed.

What should I bring to closing?

Buyers commonly need an acceptable photo ID and any documents requested by the lender or closing company. Funds must be delivered using the closing company’s approved and independently verified method.

What should I avoid doing before closing?

Avoid applying for new credit, financing large purchases, changing jobs or moving large amounts of money without first talking to your lender. These changes could affect final loan approval.

Make Your Wichita Home Closing Easier

The closing process involves more than choosing a date and signing a few papers. There are deadlines, inspections, negotiations, lending requirements, title documents and financial details that must all come together.

Lane Real Estate Group helps buyers and sellers throughout Wichita, Maize, Andover, Derby, Goddard and the surrounding communities understand each step and stay ahead of potential problems.

To discuss buying or selling a home in the Wichita area, contact Lane Real Estate Group at 316-990-0697.