Understanding the Closing Process in Real Estate Transactions
Posted by arhome realty on
understanding the closing process in real estate transactions
Closing a real estate transaction is a big step in the home buying and selling process. It's the final stage where the ownership of the property is officially transferred from the seller to the buyer. Keep reading to get a comprehensive look at the steps involved in closing a real estate deal and what both buyers and sellers should expect.
1. the offer and acceptance.
The offer outlines the price a buyer is willing to pay as well as other terms they are offering or require. Sellers can accept the offer, reject it, or negotiate the terms. Once both parties agree, the offer becomes a legally binding purchase agreement.
2. escrow and earnest money deposit.
After the offer is…
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