Buyer: Signs contract and gives the Broker check for initial earnest money. Contract subject to 3 day attorney review.

Seller: Accepts and signs contract. Subject to 3 days attorney review.

Broker: Gives one signed copy of contract to seller and one to buyer.

Seller: Gives attorney and broker last paid tax bill, survey, deed, and/or abstract of title.

Buyer: Makes application for mortgage, if any.

Buyer: Increases earnest money to amount agreed upon on date specified by contract.

Buyer & Broker: Make sure mortgage commitment is obtained within the time allowed on contract.

Seller: Makes sure attorney sends the copy of new deed to the lending institution where purchaser obtained the mortgage commitment.

Attorney: Orders title search. Prepares mortgage and note, advises buyers they are ready to set closing date.

Buyer: Obtains insurance for property prior to closing.

Broker: Makes sure appointment is set for closing.

Buyer: Is advised of figure for the amount required to close from the lending institution or attorney, or broker, and then obtains a certified or cashier check for this amount.

Seller &Buyer: Transfer title at agreed upon location. Possession to be obtained in accordance with date shown on contract. Be sure all utilities have been notified and meters read.

Note:

Sellers usually pay: commission, real estate taxes to date of possession, state transfer tax, release of mortgage and drawing of mortgage.

Buyers usually pay: title search, all charges related to their mortgage, recording of deed and mortgage, oil in tank if oil heat in home, home inspections, termite and radon inspections.