Buying or selling a home is exciting — but once that offer is accepted, many people are left wondering: “What happens next?”
The journey from offer to closing can feel like a whirlwind of paperwork and deadlines, but with the right guidance, it doesn’t have to be overwhelming. Here’s a step-by-step look at what really happens during a real estate transaction.
1. The Offer Is Accepted
Congratulations! Once buyer and seller agree on price and terms, both parties sign the purchase agreement. This document officially sets the process in motion.
2. Earnest Money Deposit
The buyer provides an earnest money deposit to show good faith. This money is usually held in escrow and applied toward closing costs or the down payment.
3. Home Inspection
The buyer arranges an inspection to check for issues with the property. Depending on the results, negotiations may follow — such as requesting repairs or credits.
4. Appraisal
If the buyer is financing, the lender requires an appraisal to ensure the home’s value matches the purchase price. If it comes in low, renegotiation may be needed.
5. Title Search and Insurance
A title company confirms the property has no legal claims or liens against it. Title insurance protects both buyer and lender from future disputes.
6. Financing Finalization
The lender verifies income, assets, and credit before approving the loan. Once approved, the buyer receives a “clear to close.”
7. Final Walkthrough
Just before closing, the buyer does a final walkthrough to ensure the home is in the expected condition and agreed-upon repairs are complete.
8. Closing Day
All documents are signed, funds are transferred, and keys are handed over. The buyer officially becomes the new homeowner!
Final Thoughts
From inspections to appraisals to final signatures, every step in a real estate transaction is designed to protect both buyer and seller. With a trusted agent guiding the way, the process runs smoothly — and ends with a set of keys and a brand-new chapter.
At Irongate, we’re here to navigate the details so you can focus on the excitement of your move.