1. Buy agreement desired. The fresh new closure means of a house theoretically initiate in the event that supplier welcomes, signs and you can efficiency the latest finalized purchase bring (agreement). So it agreement listing people contingencies regarding the provide therefore the agreed closure date. Any good-faith otherwise earnest money provided by the consumer must be put into escrow by seller. Because the financial files is actually finalized, the fresh earnest cash is released of escrow and may also be taken by visitors, whom normally applies it to their downpayment otherwise settlement costs.
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