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Finalizing the financial aspects of the transaction, where the buyer provides payment and the lender disburses the loan funds.

A home inspection assesses the property's condition, identifying any problems or necessary repairs before finalizing the purchase.

A legal document outlining the terms of the property purchase between buyer and seller, establishing rights and obligations.

An escrow account holds funds and documents until all conditions of the real estate transaction are met.

A title search ensures there are no liens, disputes, or legal hurdles associated with the property. It verifies the seller's right to transfer ownership.

The appraisal determines the fair market value of the property, ensuring the purchase price is in line with the value.

Offers protection to both the mortgage lender and the buyer against losses resulting from undiscovered defects in the title.

Adjustments made at closing for property taxes, ensuring the seller and buyer each pay their fair share of the annual property taxes.

Provides coverage for damages to the property and protects the buyer's and lender's investment.

Expenses over the purchase price of the property that buyers and sellers typically incur to complete a real estate transaction.

A list of property defects known to the seller, which must be disclosed to the potential buyer according to law.

A tax that may be imposed by state or local governments on the transfer of property and must be paid at closing.

Pre-approval for a mortgage confirms the buyer's ability to finance the purchase, indicating a serious intent to buy.

Recording the deed with the appropriate government authority to show the transfer of property from the seller to the buyer.