Both, Seller and Purchaser sign a Binder Agreement A contact of Sale is drafted by Seller's Attorney An Engineer's Inspection may be performed before or after the signing of the Contract of Sale. Both Parties sign the Contract of Sale The Purchaser takes a fully executed Contract of Sale to their Lending Institution or Mortgage Broker to file an application to obtain a Mortgage Commitment. Simultaneous with filing an application to obtain the Mortgage Commitment or subsequent to obtaining financing, Purchaser's Attorney will order a Title Search. Appraisal of Property will be done by the Lender. Termite Inspection will be done by Engineer or Termite Inspector Purchaser will receive a Mortgage Commitment Upon receipt of a Title Report, Seller's, Purchaser's, and Lending Institution's Attorneys review the title, i.e. existing unpaid mortgages, judgments such as unpaid parking violations, credit cards, tax liens, etc., certificate of occupancy issues. After all title objections are clear, a Closing Date may be scheduled. Purchaser must bring to Closing the balance of money, needed to close title in Certified Funds; Original Home Owner's Insurance Policy, Fully Paid Receipt for One Year Premium, Photo Identification and all items requested by the Lender, i.e. gift letter, bank statements, etc. The parties present at the Closing are as follows: (1) Seller(s); (2) Purchaser(s); (3) Seller's Attorney; (4) Purchaser's Attorney; (5) Lending Institution Attorney; (6) Title Closer; (7) Real Estate Broker / Agents. At Closing, title is transferred, mortgage proceeds are disbursed, possession of premises (may be) given to Purchaser and good wishes and blessings are exchanged by all. This concludes Closing.