The Sale

After agreement between the seller and the buyer regarding the terms of the sale, and after each of your have signed the contract, the house is considered sold. However, before the sale can be consummated all the terms of the contract must be met by both parties. This may include contingencies such as financing. What must be done before the closing on the property depends on the terms agreed to in the Purchase Agreement. The 'listing' licensee will oversee the completion of these terms while keeping the seller informed as to the disposition of the sale. In 'escrow closings' the closing entity normally oversees the completion of the terms of the sale.