To be sure that you understand all your rights and responsibilities, you should obtain legal advice. Remember that once a contract is signed, your rights and obligations are fixed concerning the transaction, and your lawyer will not have the chance to structure the contract to meet your objectives. Your attorney will make sure that the purchase agreement lists the conditions that protect you if the buyers fall through. So, the time to consult David J. Raymond is before you sign the papers. Your lawyer can also help you determine any tax consequences of the sale.
Earnest money is deposited in a trust account.
Buyer makes application to their lender for financing. Buyer's lender has appraisal done. Lender places order for title commitment with title company of buyer's choice. Title company examines all of the above and prepares a title commitment. Title problems, if any, are resolved.