Your agent will guide you through all of the steps to closing. Typically though, after the inspection is done they will review the findings and you give them a certain amount of time to fix the issues prior to close.
Are you working with a real estate professional?
They will be able to guide you through the purchase process relative to your "purchase agreement."
One of the next steps will be to specify in writing, the repair issues that need to be addressed to the seller.
A copy of the contract needs to be sent to your lender so that an apprasial can be ordered and done. You didn't say if you got a Termite inspection if you didn't, get one fast, also you may need a roof inspection. ( highly recommended if it's a home with any age to it). Then you need to study these well and go over them with your realtor to see how much work needs to be done. Then talk over with your realtor if you should continue with the purchase, or ask for some or all of the section 1 repairs be done (or dollar amount credited) or to take the property as-is. If the property appraises and you are satisfied with what you worked out on your inspections, and your loan is approved then you would remove contigencys, from there you will handling any conditions on your loan that your lender request. When that is all cleaned up your lender will send the documents to the title company. Your realtor will then make an appointment for you to go in and sign-off. You will be required to bring in your license, and a cashiers check for your down payment and closing costs. ( the seller should already have signed-off ) Then the doc's go back to the lender so that they fund the purchase. Finally the title company will notify the city to record you as the owner and at that moment you own the house and will then be given the keys. Congratulations!!!!
I hope you are using a realtor for this, he/she can answers these questions for you.
National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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If your agent does not know, then ask to see their broker.
All that paperwork has serious consequences behind it.
Have you applied for the loan? When is the appraisal? When is the closing?
Please fee free to contact me with any questions that you may have.