As described in the sample sales contract, you probably had to make an earnest money deposit after signing the contract. A couple of days before the close, you must put the remaining funds required for purchase into escrow. This includes down payment, closing costs, and any prepaid items. You can estimate your costs by using the Calculating Move-In Costs worksheet. At the close, the money in escrow is dispersed to all parties as instructed in the sales contract.
Any funds remaining after paying the required costs go to the seller.
Final Inspection Examine the property one last time before closing. Look for any adverse changes as well as any items that were to be built or fixed prior to closing. The results of your final inspection should be documented and signed by both buyer and seller. This is a common way to handle minor faults, since the closing is imminent and re-inspection difficult. If the house is new, give the list of defects to the builders.