It may seem that when your offer has been accepted and you have a contract for purchase in place, the process is almost complete. In fact some of the most complex aspects of the real estate transaction are still ahead.

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 or at least pre-qualification letters from lenders.

Most transactions involve a home inspection, which is a physical review of the home by a trained and independent observer. This is arranged by the buyer's agent and paid for by the buyer.

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

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

Title examination and insurance, survey, etc., are the responsibility of the closing agent, who is employed by the title company.