Agreement on price and terms reached by both buyer and seller. Home inspection, termite, and any other tests are performed as soon as possible and paid for by the buyer. Upon signing of Agreement, the buyer gives real estate agent the balance of the deposit agreed upon. Real estate agent puts full deposit in an escrow bank account. Real estate agent has seller sign Purchase and Sale Agreement.
Buyer applies for a mortgage.
Real estate agent forwards any necessary paperwork to bank and to buyer's attorney. Attorney and bank set a date for conveyance that is convenient and agreeable to both buyer and seller. At time of conveyance, buyer must have Homeowner's insurance binder for at least the mortgage amount and a certified check to cover all closing costs. Personal identification, i.e., your driver's license may be required at the closing . The deposit will be returned to you if the sale is not finalized through no fault of the buyer.