Some of the most complex aspects of a real estate transaction begin after a deal has been negotiated. A sale agreement sets not only a purchase price for the home, but also a series of terms and conditions. For instance, contracts routinely depend on the ability of a buyer to obtain financing, which is why most sellers prefer buyers with pre-approval letters from lenders.

A growing percentage of transactions involve a home inspection, or a physical review of the home by a trained and independent observer. Lenders will establish numerous conditions before granting a loan. They will want a title exam, title insurance to protect against title errors, termite inspections, surveys and an appraisal to assure that the home has sufficient value to secure the loan.

When to Close - Closing or "escrow" is essentially a meeting where the closing agent takes in money from the buyers, pays out money to the owner, and makes sure that the purchaser's title is properly recorded in local records along with any mortgage liens.

Because it takes time to arrange financing, conduct inspections, obtain appraisals, locate replacement housing, contact movers, pack, and actually move, most homes actually close 30 to 45 days after a sale agreement has been signed.

Property Appraisal - The buyer usually schedules a home inspection after a deal has been negotiated, to ensure the home is actually worth the sale price. Should you be worried about what the inspector might find? The answer depends, of course, on the condition of your home and how well you've maintained its major components over the years.

Regardless of what the inspector may uncover, however, you shouldn't be overly concerned about the actual home inspection. Keeping in mind that disclosure laws and customary real estate practices vary from place to place.

Property inspections - The buyer has the right to have a wide variety of property inspections to determine the property’s condition and the cost of any impending repairs or upgrades.

Inspections may include roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist or mold. You are entitled to a copy of any of their inspection reports.