Home Purchase and Sale Checklist: A Practical Checklist

Summary. A deadline-driven checklist for a residential closing, run from both sides — the buyer's from budget to recording, the seller's from pre-listing title search to escrow management — with wire fraud prevention and deal-failure steps shared.

For doctrine, see Buying and Selling a Home. For the workflow, see Buying or Selling a Home: A Practical Guide.

PART ONE — BUYER

Phase 1 — Before looking

Full monthly figure computed: P&I + actual tax bill ÷ 12 + real insurance quote ÷ 12 + MI + HOA + 1–2% of value/year maintenance + utilities (ask for 12 months of bills).
Underwritten pre-approval obtained — not a pre-qualification. Confirm which in writing.
Three lenders shopped the same day; Loan Estimates compared, not rates.
Loan type evaluated: conventional · FHA · VA · USDA · jumbo; fixed vs. ARM (initial period, caps, index and margin).
Points break-even computed against expected holding period.
Buyer representation agreement read: term · exclusivity · compensation and who pays it.
Document file assembled: 2 yrs returns and W-2s · 30 days pay stubs · 2–3 months all pages of statements · ID · self-employment records.
How title will be held decided (sole · tenants in common · JTWROS · tenancy by the entirety · trust/entity).
If co-buying: co-ownership agreement drafted (contributions, occupancy, decisions, buy-sell with a valuation method, death/divorce, deadlock).

Phase 2 — The offer (eight terms, not one)

Price
Earnest money amount and escrow holder (neutral — never the seller)
Financing contingency: deadline · loan type · maximum rate you must accept
Appraisal contingency: right to terminate, or a capped gap commitment
Inspection contingency: window length and scope of the right to terminate (sole discretion / dollar threshold / repair request only / information only)
Closing date, and whether time is of the essence
Possession, and any post-closing occupancy terms
Seller concessions toward closing costs
Everything that conveys listed by name: appliances · window treatments · shed · mounted TV · fuel in tank · remotes
Legal description used, not just the street address
Names exactly as title will be taken

Phase 3 — First 72 hours after acceptance

Every contract deadline calendared with 3-day-prior reminders.
Wire instructions verified by telephone at an independently looked-up number — never a number from an email. Confirm receipt by phone after sending.
Loan application submitted same day (starts the Loan Estimate clock).
All inspections ordered (they book out).
Title order opened; commitment requested as soon as available.
Homeowners insurance quotes obtained — availability, not just price, can be the constraint.
Loss history / prior claims on the property requested.
Lead disclosure and 10-day assessment period noted if pre-1978.

Phase 4 — Inspections

General home inspection — attend it.
Sewer scope on anything ~30+ years old.
Radon (where prevalent) · termite/WDO · roof · structural · chimney · pool.
Well water quality and septic, if applicable.
Report sorted: safety · expensive and imminent · expensive but distant · maintenance.
Repair estimates obtained for the top items before responding.

Phase 5 — The response (where deposits are lost)

Response delivered in writing, in the exact form the contract requires, before the deadline.
Credits requested rather than repairs, except where permitting, licensure, or lender requirements make repair better.
Agreed changes documented in a signed amendment — verbal modification of a land contract is unenforceable.
Seller repair invoices to be produced at closing; re-verified at walkthrough.

Phase 6 — Title and survey

Schedule B-I (Requirements) read: payoffs · releases · corrective deeds · probate · trustee authority.
Schedule B-II (Exceptions) read in full and checked against your plans: easements · shared driveways · setbacks · covenants (outbuildings, ADUs, rentals, business use) · mineral/water reservations · unreleased mortgages.
Written objection filed before the title objection deadline.
Owner's title policy purchased; enhanced/extended version priced and compared.
Survey ordered where fences, boundaries, or encroachments are in question.
Deed type confirmed (general warranty · special warranty · grant · bargain and sale · quitclaim — almost never appropriate in an arm's-length sale).

Phase 7 — Appraisal and underwriting

Appraisal result reviewed for factual errors (square footage, bed/bath count, condition).
If low: renegotiate · split · pay the gap · request reconsideration with specific better comparables · terminate if permitted.
Valuation discrimination concerns raised in writing if present.
During underwriting, do NOT: change jobs · open any credit · make undocumented large deposits · move money unnecessarily · pay off a collection without asking · co-sign anything.
Document requests answered within 24 hours.
Loan commitment in hand before the financing contingency is waived or expires.

Phase 8 — Closing Disclosure (use the three days)

Received at least three business days before consummation.
Compared line by line to the Loan Estimate; every increase questioned.
Verified: loan amount · rate · term · monthly payment with escrow · cash to close · seller credits · prorations · payoffs · name spelling · property address.
Understood that an APR increase beyond tolerance, a product change, or a new prepayment penalty restarts the three days.

Phase 9 — Walkthrough and closing

Walkthrough as close to closing as possible, with the contract and repair invoices in hand.
Repairs done and invoiced · everything that conveys present · nothing improperly removed · heat, A/C, water heater, every faucet and toilet tested · no move-out damage · property broom-clean.
Problems photographed and notified in writing before closing (holdback, credit, or delay — after closing, leverage is a lawsuit).
Bring: photo ID · certified funds or verified wire · insurance binder naming the lender · the file.
Read before signing: note (rate, payment, prepayment) · mortgage/deed of trust · settlement statement · deed grantee names and vesting.

Phase 10 — After closing

Deed and mortgage confirmed recorded.
Deed, title policy, settlement statement, and disclosures stored permanently.
Locks changed; utilities transferred.
Homestead and other exemptions filed (deadlines apply; not automatic).
Assessment reviewed; appeal filed if over market value (short, firm window).
PMI cancellation date calendared (request at 80% LTV; automatic termination at 78%).
Capital improvement file started — every receipt raises basis and reduces future gain.
Servicing transfer notices watched; 60-day grace period known.

PART TWO — SELLER

Phase 11 — Before listing

Preliminary title search ordered — the highest-value pre-listing step. Look for: unprobated estates · unreleased mortgages · judgment liens (including similar-name) · mechanic's liens · missing heirs.
Permit history pulled; unpermitted work identified and a decision made (legalize · price · disclose).
Safety-flagged repairs completed before an inspector finds them.
File assembled: survey · plat · permits · warranties · manuals · 12 months of utility bills · HOA documents · insurance claims history · improvement receipts.
Pre-listing inspection considered (and the disclosure consequence understood).
Capital gains position reviewed: 2-of-5-year principal residence exclusion · partial exclusions · basis from improvements · § 1031 if investment property (intermediary engaged before closing).

Phase 12 — Listing agreement

Term and auto-renewal · commission and sharing · protection period · cancellation rights · marketing obligations · dual agency provisions — each read and the term and protection period negotiated.

Phase 13 — Disclosure

State disclosure form completed fully and honestly, with documentation attached for every repair.
Lead disclosure for pre-1978 housing: known hazards disclosed · records provided · EPA pamphlet given · 10-day assessment period offered (42 U.S.C. § 4852d).
Nothing concealed — no painting over stains, no dehumidifiers during showings.
Known latent material defects disclosed even where the form does not ask.

Phase 14 — Offers and escrow

Offers evaluated on: financing strength · number and length of contingencies · appraisal gap coverage · timing · concessions requested · earnest money at risk.
Multiple offers handled identically in process for every buyer; criteria applied neutrally and documented (fair housing).
Every seller-side deadline met; inspection response delivered in writing within the window.
Repairs by licensed contractors; invoices retained.
Title requirements cured promptly: payoffs · releases · affidavits · corrective deeds.
Property insured and maintained through closing (risk of loss usually remains with seller).
Post-closing occupancy, if any, in a written agreement: daily rate · escrowed amount · insurance · hard outside date.

PART THREE — SHARED

Phase 15 — Wire fraud (every transfer, every time)

Settlement agent's number looked up independently, never taken from an email.
Instructions confirmed verbally before sending.
Any last-minute change of instructions treated as fraud until independently verified.
Receipt confirmed by phone after sending.

Phase 16 — If the deal breaks

Contingency invoked in writing, in the contractual form, before the deadline.
Escrow release mechanism in the contract identified (demand · waiting period · default release).
Mediation requirement checked — required first under many state forms.
Seller refusing to close: specific performance plus a recorded lis pendens.
Buyer walking improperly: remedies clause read — is the deposit the exclusive remedy?
Post-closing fraud claim: evidence the seller knew assembled (invoices · insurance claims · prior reports · emails · neighbors).