Homebuying Steps In Pennsylvania, Explained

Buying a home in Pennsylvania can feel like a maze, especially if you are focused on Wynnewood and the Main Line. You want clarity on the steps, the timelines, and what really matters in this market. In this guide, you will learn the Pennsylvania purchase flow from pre-approval through settlement, with local notes on inspections, township approvals, and closing costs. Let’s dive in.

Start with pre-approval and budget

Getting a lender pre-approval, not just a pre-qualification, should be your first step. A pre-approval is based on income, assets, credit, and a preliminary underwriting review. It tells you your realistic price range and which loan programs fit you. Ask your lender for a full estimate of monthly costs, including mortgage, taxes, insurance, HOA fees if any, and utilities.

On the Main Line, property and school district taxes can materially impact monthly costs. Request current tax figures from the listing agent or county tax office. Knowing this upfront helps you compare homes with confidence.

Build your local team

Work with a local agent who understands Wynnewood and Lower Merion customs, inventory, and pricing. Neighborhood expertise and agent relationships can uncover opportunities and guide stronger offers. In Pennsylvania, attorneys are commonly involved for contract review, title work, and settlement. Plan for attorney review and coordination early in your process.

Tour homes with a plan

As you tour, keep notes on age and condition. Older Main Line homes often call for attention to roofing, mechanical systems, electrical, foundation, and potential lead paint in pre-1978 homes. These notes help you prepare for inspections and negotiation.

Make a strong offer

Your offer uses the Pennsylvania Agreement of Sale. It sets price, earnest money deposit, contingencies, timelines, and settlement date. Expect to include an initial deposit with your offer, and sometimes an additional deposit within a few days. Deposits are held in escrow by a broker, attorney, or title company, as the contract specifies.

Understand attorney review

Many Pennsylvania deals include a short attorney review period, often several business days, commonly three. During this window, attorneys can modify terms or void the contract. Once this period ends without objections, the contract is generally binding. Treat this as a key decision point.

Deposits and escrow basics

Your earnest money shows good faith and is credited to you at settlement. If you end the deal within valid contingency windows, you typically keep your deposit. If you withdraw after removing contingencies, your deposit may be at risk based on the Agreement.

Inspections and appraisal

Schedule inspections during the inspection contingency window in your Agreement. Common options on the Main Line include a general home inspection, wood-destroying insect inspection, and radon testing. If the property uses well or septic, add those inspections. Chimney reviews, mold testing, and specialist contractors are common for vintage or heavily renovated homes.

For homes built before 1978, federal law requires lead-based paint disclosure and EPA guidance. During this same period, your lender completes underwriting and orders the appraisal. Be ready to satisfy lender conditions promptly to keep your timeline on track.

Know your township approvals

Townships on the Main Line, including Lower Merion, set their own rules for Use & Occupancy (U&O) or Certificates of Occupancy (CO). New construction or homes with recent major renovations may require a final U&O or CO before occupancy or settlement. Some townships allow temporary approvals or escrow holdbacks; others require final sign-off before you close.

For routine resales in established neighborhoods, a new U&O is often not required, but you should still confirm permit history for any visible renovations. If the Agreement requires the seller to deliver a final U&O at settlement, they must secure it or risk breach. You can also structure an escrow or post-closing plan, though that increases risk for you. Always verify the specific township’s requirements early.

Helpful steps:

• Ask for permit history and final inspection sign-offs if recent work is evident.
• Add clear contract language related to U&O/CO timing, especially for new or newly renovated homes.
• Contact the township building or code office early to confirm what is required and whether anything is outstanding.
• Consider an escrow or holdback in the Agreement if approvals may lag past settlement.

Title, closing costs, and settlement

Settlement typically occurs at a title company or attorney’s office. The title team completes a title search, prepares documents, and arranges recording. Your lender will require lender’s title insurance, and most buyers also purchase an owner’s title insurance policy for added protection. You will bring certified funds or wire per instructions. Keys are delivered based on the settlement instructions, often after recording.

Plan for closing costs of roughly 2–5% of the purchase price, excluding your down payment. This range usually covers lender fees, appraisal, title insurance, recording fees, attorney fees, the first year of homeowners insurance, and prorated property taxes. Transfer taxes and who pays them vary by locale and are negotiable. Property taxes are prorated at closing, and on the Main Line, school district taxes can be a notable line item. Confirm details with your agent and attorney.

After you close

Set up utilities and change your mailing address. Confirm HOA or condo billing and account transfers if applicable. File any homestead or exemption paperwork if available. Review your insurance coverages and mortgage escrow for taxes and insurance.

Wynnewood buyer checklist

• Get a lender pre-approval and a full monthly cost estimate.
• Choose a local Main Line agent and a buyer’s attorney experienced in Montgomery County.
• Ask for permit history, renovation documents, and any U&O/CO records early.
• Include clear inspection, financing, and U&O/CO contingencies with firm dates in the Agreement of Sale.
• Schedule inspections promptly: home, WDI, radon, and well/septic if needed.
• Confirm who holds your earnest money and when any additional deposit is due.
• Request the title commitment early and review exceptions with your attorney.
• Verify your settlement date, required funds, and any municipal approvals needed before closing.
• Bind homeowners insurance effective on settlement day and confirm mortgage escrow.
• Plan for tax prorations and review HOA/condo documents if relevant.

Timeline at a glance

• Pre-approval and touring: as long as you need, typically weeks to a few months.
• Offer to attorney review: often several business days, commonly three.
• Inspections and negotiations: usually 7–15 days, per your Agreement.
• Loan underwriting and appraisal: typically 2–4 weeks from application.
• Contract to settlement: often 30–60 days, depending on lender, title, and municipal approvals.

Work with a trusted local team

Buying in Wynnewood is easier when you have experienced local guidance and a clear plan. A neighborhood-focused team can help you compare homes, craft a strong Agreement of Sale, manage inspections, and navigate township approvals and title. You also benefit from early insights on upcoming inventory and smart negotiation in a competitive market.

If you are ready to take the next step, connect with Main Line Fine Homes for a private consultation.

FAQs

How long does buying in Wynnewood take?

• From a signed Agreement to settlement, many buyers close in 30–60 days, depending on lender timelines, title clearance, and any township approvals.

What is attorney review in Pennsylvania?

• It is a short window after signing, often several business days, when attorneys can amend or void the contract; after it expires without objection, the Agreement is generally binding.

What happens if inspections find issues?

• You can request repairs, a credit, or terminate within the inspection contingency period; once you accept terms or waive the contingency, options narrow.

Do I need a U&O or CO in Lower Merion?

• It depends on the specific property and township rules; confirm early with the building department, especially for new construction or recent renovations.

Who pays transfer taxes in Pennsylvania?

• Local custom often has the seller pay, but it is negotiable and should be confirmed in your Agreement with guidance from your attorney.

Should I buy owner’s title insurance?

• Lenders require lender’s title insurance; many buyers add an owner’s policy for protection of their ownership interests.

How much earnest money is typical?

• Amounts vary by price and market; expect an initial deposit with your offer and possibly an additional deposit within a set number of days as stated in the Agreement.