You've come a long way toward owning a home. There's a good chance you've been approved for your loan and seen your appraisal go through. At the very least, you are working toward those milestones. So what's left to do?
Review the results of the inspection (and possibly renegotiate based on those results). Inspections typically do not turn up major problems. Nevertheless, expensive repairs are sometimes needed. This is the reason you should always include an inspection contingency in your purchase offer. If the inspection turns up major problems, you have several options. Assuming you put the proper contingencies in place in your purchase offer, they are as follows:
Select an escrow company.
Escrow is a method of giving and receiving items, such as money, property, titles, deeds, etc., using an independent third party. In a real estate transaction, you, as a buyer, do not want to give the seller money until he or she has given you the deed, and the seller does not want to give you the deed until he or she has received your money. So, how do transactions get done? An escrow account is opened, and the escrow company is given instructions agreed upon by all parties involved, for example, the seller does not receive X until the buyer has put Y into the escrow account... Once all of the requirements have been met, each party receives what was agreed that they would receive (the home, the money for the home, etc.).
Once all terms have been met, your agent will instruct you on how to complete the closing. Depending on where you live, the closing is handled differently, but the general premise of the closing is the same. You and the seller sign a number of papers (either sitting around the same table, or at different times) required to close the deal. You will need to come prepared with checks. If a lawyer was involved, you should bring a check for his or her services. You'll also need checks for down payment, closing costs, and the actual mortgage. Note that for the down payment, you can't use personal checks. Check with your agent to find out how you should provide this payment, e.g., through bank check. The actual mortgage money, because it is typically such a large amount, is usually either wired to the title company, or brought, in check form, to the closing by the lender.
Buy home insurance.
Your lender will require that you have insurance. What you want, and need, is casualty insurance (known alternately as homeowners insurance or fire insurance). Such a policy is important to a lender because he or she is typically named as an additionally insured party and will appreciate having their lien paid in full if your home burns down. You will too.
Condo association insurance often doesn't cover personal property.
Note that in cases involving condominiums, the condo association typically handles insurance matters. Still, you may choose to take out a separate policy to cover personal property, which is rarely accounted for under an association's plan.
Get a "full replacement cost" policy.
To save money, you ought to get a policy that provides for "full replacement cost" of your home. How does an insurance company determine the full replacement cost? One thing it won't consider is the purchase contract. This includes land. Nor will the insurance company arrive at any conclusions based on the amount of your mortgage. In order to determine what it would be obligated to replace in case of a total loss, your insurance company will probably want to see a copy of appraisal.
Choose the highest deductible you're comfortable with.
The last thing to know about "full replacement cost" policies is that you'll want to choose one with the highest deductible you are comfortable with. That's because a policy with a $1,000 deductible is a lot cheaper than one with a deductible of $250.
Get an excess liability policy; $1,000,000 is a good idea.
On top of your regular policy, it's wise to also invest in a $1,000,000 liability policy. This will protect you from claims against your home (if your roof collapsed, for example, and a visitor was injured). In these days of "generous" juries, you can never be too careful. And fortunately, these policies aren't that expensive.
Don't forget utilities!
A note about utilities: When you move in, you're going to want utilities like electricity, gas, and water to be fully functioning. Sellers typically tell utility providers the date they would like utilities discontinued under their name, and the more "thoughtful" among them will provide utility providers with your contact information.
Unfortunately, it's equally likely that such a thing won't even cross the seller's mind. So, it better cross yours instead! If utility companies actually turn off service, you can bet it will be a few days until they can get them turned on again. Worse yet, there may be additional costs for that service. Make arrangements with the seller, however, and you'll have no worries.
How to avoid problems with an escrow company:
How to avoid problems at the closing:
How to avoid problems with home insurance:
Don't forget utilities!