STEP 1:
In negotiating the purchase of your new home, the initial step will be to instruct your broker to make an offer to purchase. This offer should be in writing and accompanied by an earnest money deposit to be held in escrow until the closing.

The offer should include:
-The amount you are willing to pay
-Closing and occupancy dates
-Any contingencies, including obtaining of mortgage, and building and pest inspections -Any personal property specifically included or excluded

If the offer is not acceptable, further negotiations are necessary to reach terms agreeable to both buyer and seller.

STEP 2:
When the buyer and seller agree on terms:
- The buyer immediately applies for mortgage financing
- The seller arranges with his attorney for the closing package

STEP 3:
The sales contract should include, among other things, the following:
-Purchase price and terms
-Mortgage contingency, if any
-Quality of title to be conveyed
-Date of possession
-Itemized list of personal property included in sale
-Satisfactory building and pest inspection

The contract is reviewed by the buyer and signed by both parties. The buyer's attorney proceeds with arrangements for title search and other preparations necessary for the closing.