From Listed to Closed: The Ultimate Guide for Buyers and Sellers

Buying or selling a home—whether it’s a single-family house, a cooperative apartment, or a condominium—should be an exciting milestone. However, without preparation, the process can quickly become stressful and overwhelming.

While every real estate transaction is unique, understanding the road ahead is the key to a smooth deal. Here is a step-by-step overview of the process from both sides of the closing table.

Phase 1: Preparation & Assembling the Team

The earliest stages are all about knowing your numbers and finding the right local experts to guide you.

The Buyer’s Role	The Seller’s Role
Assess Finances: Determine a realistic budget, factoring in purchase price, closing costs, and future improvements.	Prep the Property: Address minor repairs, declutter, and consider staging to maximize appeal.
Get Pre-Approved: Consult a mortgage broker early to understand your purchasing power.	Determine Value: Work with a professional to review market comps and set a strategic listing price.
Tour Properties: Work with a realtor to view homes, condos, or co-ops, carefully reviewing the financial health of any HOA or Co-op board.	Market the Home: Allow your realtor to list the property, host open houses, and market it to qualified buyers.

Phase 2: The Offer & Term Sheet

Once a match is made, the negotiation begins.

The Buyer’s Role	The Seller’s Role
Make an Offer: Submit a bid detailing the price, requested inclusions (like appliances), and contingencies (such as financing or inspections).	Evaluate the Offer: Review the buyer's terms and financial strength. You can accept, reject, or issue a counteroffer.
> The Milestone: Once terms are agreed upon, the realtor drafts a "term sheet" (Memorandum of Purchase and Sale) and sends it to the attorneys for both parties.

Phase 3: Contracts & Due Diligence

This is where the attorneys step in to negotiate the specifics and protect their respective clients' rights.

The Buyer’s Role	The Seller’s Role
Inspect the Property: Conduct an engineer’s inspection (checking HVAC, roof, plumbing, termites, etc.) and review municipal files for open permits or violations.	Draft the Contract: The Seller’s attorney prepares the contract of sale, outlining the terms, representations, and responsibilities.
Sign & Deposit: Sign the finalized contract first and submit the initial down payment (usually around 10% of the purchase price).	Countersign: Sign the contract shortly after the buyer. Once fully executed, the parties are legally bound.

Phase 4: Financing & Title Clearance

While waiting for the closing date (typically 60–90 days from contract signing), both sides have crucial tasks to keep the deal moving.

The Buyer’s Role	The Seller’s Role
Secure the Loan: Work closely with your lender to satisfy all conditions and secure a final mortgage commitment within the 30-45 day window.	Clear the Title: Work with your attorney to resolve any issues uncovered by the title search (such as old liens or boundary encroachments).
Order Title Search: Your attorney will order a title search and, if necessary, a survey to ensure the property’s title is clean.	Prepare to Move: Begin packing and ensure the property is completely vacant and broom-clean prior to closing.

Phase 5: The Closing Table

The final step before keys exchange hands.

The Buyer’s Role	The Seller’s Role
Final Walkthrough: Inspect the property right before closing to ensure it is in the agreed-upon condition.	Sign the Deed: Execute the necessary transfer documents to officially hand over ownership.
Fund the Deal: Bring funds for closing costs, title charges, bank fees, and escrowed real estate taxes.	Collect Proceeds: Receive the net proceeds from the sale after your existing mortgage, broker fees, and taxes are paid off.
Take the Keys: Sign the loan documents, accept the keys, and celebrate your new home!	Hand Over the Keys: Provide all keys, codes, and remotes to the new owners.

Need Guidance on Your Next Move?

Our firm has successfully performed thousands of residential real estate closings, and we are familiar with a wide array of transactional issues. We guarantee professional, prompt service and will ensure you fully understand the process and costs involved at every step.