Title is reexamined and chosen carefully. Agent circulates your project. You're probably going to see some rejections. Agent confers with author. Agent accepts advance and basic offer on behalf of the author.
Agent gets boilerplate from publisher and improves contract terms.
Author is usually consulted at this point. When agent is happy, contract is sent to author. Author queries agent if anything not understood. Author writes book. Editorial process begins for fiction author who has already written book.