It may seem that when you have a contract for sale in place, the selling process is complete. In fact, some of the most complex aspects of a real estate transaction now begin. A sale agreement sets not only a purchase price for the home, but also a series of terms and conditions:

Contracts routinely depend on the ability of a buyer to obtain financing, which is why most sellers prefer buyers with pre approval letters from lenders.

Most transactions involve a home inspection, a physical review of the home by a trained and independent observer.

Lenders will establish numerous conditions before granting a loan. They will want:

a title examination, title insurance to protect against title errors, a termite inspection, a survey and an appraisal to assure them that the home has sufficient value to secure the loan.

The realtor® typically arranges the required inspections and helps the owner prepare for closing. Title examination and insurance, survey, etc., are the responsibility of the closing agent, who is employed by the title company.