So you have a contract on your home. What's next you ask? There will probably now be a home inspection. The Buyer will hire a home inspection company to come in and give your home a thorough once over. They are looking for items that don't work, and should. Of most interest to them will be safety issues and large systems where repairs could be costly.
They will look over the AC units and note its condition. If the temperature is below a certain level they will be unable to actually test the air conditioning as it could freeze up. They should remove the cover to the electrical panel and review the wiring. Are there any breakers with more than one wire attached (Double Tap), is there any corrosion, are the ground wires intact?
The inspector will pay attention to plumbing issues. Does the home still have polybutelyene pipes, are there any signs of leaks, any dripping faucets? The inspector should also test the stove and oven, the dishwasher, and microwave to make sure they are all functioning properly.
Outside, the inspector should look at the landscape, making sure that the yard slopes away from the house. Are the gutters clean and functioning, do the downspouts direct water away from the house?
All of this work and more is to give the Buyer a list of everything about the home and its current condition. It is not meant to be a complete list of repair requests to be given to the Seller. Consider it more of a punch list for future issues. As a Buyer, you should look for safety issues and expensive repairs that need to be done. These are what you should make sure are taken care of before you take possession of the home.
As you can see, much work is done even after the hard work of getting a contract. The home inspection is a critical event for both the Buyer and Seller to complete before the due diligence time frame has passed.