First-Time Buyer Checklist

A chronological plan for financing, searching, evaluating a home, writing an offer, completing due diligence, and preparing for closing.

Request a Personalized Search

What This Guide Covers

Financial preparation
Representation and search setup
Offers and inspections
Financing, title, and closing
Move-in preparation

Prepare the finances

Build a realistic purchase budget before touring homes.

Review income, recurring debt, credit, savings, and the monthly payment you can carry comfortably.
Ask a lender what documentation is required for preapproval, including income, asset, employment, and debt records.
Budget beyond the down payment for earnest money, the option fee, inspections, appraisal, lender costs, title-related charges, insurance, moving, and an initial repair reserve.
Earnest money and the option fee are upfront cash requirements. Under the current TREC resale contract, if the transaction closes, the option fee is credited to the Sales Price; earnest money is applied first to any cash down payment, then to Buyer’s Expenses, with any excess refunded to the buyer. Termination and refund rights depend on the signed contract and circumstances.
Avoid opening credit accounts, moving large sums without documentation, or changing employment without speaking with the lender.

Set up representation and the search

Define how decisions will be made and communicated.

Discuss buyer representation, the broker’s role, compensation, communication, and any representation agreement before serious touring.
Separate non-negotiable needs from preferences and rank location, commute, home type, condition, lot, and future flexibility.
Create a focused search with realistic price boundaries and confirm how listings, alerts, and OneHome feedback will be handled.
Compare homes with the same worksheet so condition, taxes, association costs, location, and likely repairs are not lost behind photographs.

Tour, compare, and prepare an offer

Evaluate the property and the contract together.

During tours, note room function, storage, systems, drainage, traffic, noise, surrounding uses, and visible maintenance—not only finishes.
Review comparable sales and current competition before deciding on price.
Compare non-price terms including financing, closing date, earnest money, option fee and period, appraisal provisions, seller-paid buyer expenses, any seller contribution toward compensation the buyer owes the buyer’s broker, title-policy and survey costs, repair credits or agreed costs, and possession.
Seller credits and contributions may be limited by the buyer’s lender or loan program.
Once the contract is effective, immediately confirm the escrow agent, delivery method, exact amounts, and every deadline. When the current TREC resale contract is used, earnest money and the option fee are generally due within three days after the Effective Date, subject to the contract’s weekend and legal-holiday provisions. The signed contract and applicable addenda control.

Complete due diligence

Use the option period and contract deadlines deliberately.

Schedule a general inspection promptly and add foundation, roof, HVAC, plumbing, sewer, electrical, pool, pest, or other specialists when conditions warrant.
Review findings by safety, function, remaining useful life, likely cost, and future risk; decide whether to request repairs, seek a credit where allowed, or proceed as written.
Confirm the exact option-period end date and notice deadline. Under the current TREC resale contract, option termination notice is due by 5:00 p.m. local time on the final day stated in the contract.
Track financing, appraisal, title, survey, insurance, option, objection, and closing deadlines in one calendar.
Confirm homeowners insurance availability and cost early, especially when roof age, claims, flood exposure, or specialty coverage may matter.

Prepare for closing and move-in

The final week still requires careful coordination.

For most consumer mortgage transactions, the buyer receives the initial Closing Disclosure at least three business days before consummation and should compare it with the earlier Loan Estimate.
Review title and survey items, lender conditions, identification, wire instructions, and the exact funds required.
Verify wiring instructions through a known phone number; never rely solely on an unexpected email containing changed instructions.
Use the final walkthrough to confirm condition, included items, occupancy, and agreed work. It is not a replacement for an inspection and does not automatically create a new termination right; the signed contract and circumstances control.
Arrange utilities, insurance activation, moving, access, and essential first-week repairs before closing day.

Action Checklist

Obtain a documented preapproval
Set a complete cash-to-close budget
Establish buyer representation
Define needs and search criteria
Use a consistent tour-comparison worksheet
Review price and non-price offer terms
Confirm the Effective Date
Calendar every contract deadline
Confirm escrow delivery instructions independently
Deliver earnest money and option fee on time
Complete appropriate inspections
Confirm insurance and appraisal progress
Compare the Closing Disclosure with the Loan Estimate
Review title, survey, and closing figures
Complete the final walkthrough
Transfer utilities and plan the first week

Common Mistakes to Avoid

Shopping only at the lender’s maximum approval amount
Ignoring taxes, insurance, association fees, maintenance, and reserves
Making a major credit or employment change during underwriting
Treating cosmetic appeal as a substitute for property evaluation
Missing an option, financing, title, or closing deadline

Questions to Ask

What monthly payment and total cash requirement fit my goals?
Which contract terms matter most in this situation?
What inspections are appropriate for this property?
Which assumptions still need independent verification?
What must be completed before the final walkthrough and closing?

This guide provides general educational information and is not individualized legal, tax, lending, insurance, inspection, engineering, appraisal, or investment advice. Contract documents, current law, lender requirements, title documents, and property-specific professional evaluations control.

Last reviewed: July 2026

Ready to Discuss Your Situation?

Use this guide to prepare your questions, then contact our team for guidance tailored to the property and decision in front of you.

Request a Personalized Search Contact Our Team