1.  Purchase Price
2.  Down Payment Amount on Contract-The "Binder"

Typically 10% but can be less if the Seller agrees
Not necessarily related to mortgage amount

3.  Mortgage Amount and Type-Conventional or other type of loan (VA, FHA, etc.))
4.  Closing Date- Typically ~ 60 days, but varies deal to deal.

Usually an approximate date unless otherwise agreed by parties

5.  Repairs -If any
6.  Items Included and Excluded-Appliances, window treatments, light fixtures, etc.
           Be clear as to what is excluded and not just what is included. Many Sellers believe they can remove items unless they mention specifically that they are included.  Contracts usually state otherwise, but it is best to avoid confusion at the time of closing

1.  Property Taxes

Contact-The Town's Tax Assessor or Receiver of Taxes

2.  Town Approvals for All Improvements (Permits and Certificates of Occupancy)- The Title Search will contain some of this information but an examination by the Buyer is prudent for the following reasons (See Building Department Requirements):

Time is saved: It can take time to get the approvals if they are needed. This process can be quick but sometimes may take a few months.
Thoroughness is assured: The Title Search will not detail what is on the inside of the house (i.e. finished basements and added bedrooms) and rarely details the number of bedrooms that were originally approved by the Building Department. The Building Department may think there are no violations but there may be improvements that it is unaware of.

3.  Condominium or Cooperative issues- The Buyer should check to see if there are issues that it may be responsible for such as new assessments or litigation or restrictions that would be problematic such as those regarding pets, age of children to use common facilities, vehicle parking and mandatory memberships.  
           ●  Contact the Management Company-They often can answer many questions
           ●  Make sure that you receive a copy of the Offering Plan and Bylaws-If not, let your attorney know

1.  Items that can be inspected-Include
           ● Structure of House
           ● Mechanical and Electrical Systems
           ● Termites or Similar Infestation
           ● Well Water
           ● Radon Level
           ● Underground Oil Tank
           ● Lead Paint Hazards
2.  Notify Agent of Items of Concern-Although the inspector will always find something, you should notify your Real Estate Agent if there are issues that you consider to be important.
3.  Be Present at Inspection- While a written report may be thorough, your inspector might be able to provide some insight and a few pointers regarding the house. The inspector can also provide an opinion regarding some preventative or remedial measures. Further, things are often not as bad when you see them "live" as opposed to a written report
4.  Be Thorough- You generally take the property "as is", so you don't want to find out after you've purchased the house that there are problems. Look behind furniture and under movable rugs..

1.  Buyer Signs 1^st  and Provides a Down Payment Check

The Down Payment check can usually be a personal check

2.  Seller Signs 2^nd-Then the Deal is considered "firm"

B.  TITLE INSURANCE-This insurance protects the Buyer from any title defects.  These defects could result from undetectable issues such as improperly performed court actions, improperly filed or unrecorded papers and fraud. These issues are not just relating the present Seller but also any prior owner.  Further, many defects that come up in a Title Search cannot be cleared by the Seller but can be cleared by the Seller's title company.

It is a one-time payment-But the protection continues as long as you own the property.
It does not cover building department violations-The title company provides a copy of the relevant Building Department papers in its search but does not provide insurance as to whether or not there is a violation on the property. See Above

B.  RATE LOCK DATE-The Buyer should talk to its Attorney before locking in the interest rate.

Approximate Closing Date in the Contract Controls Over Rate Lock Date. The Buyer must pay particular attention to the approximate closing date in the contract. Sellers often cooperate in trying to close by the Buyer's rate lock date but usually cannot be compelled to.
Ideal Rate Lock Date-Not earlier than 60 days from the date contracts are fully signed

A.  CLOSING DATE-Usually "on or about" a certain date. Normally a closing cannot be scheduled until all parties are ready.

Approximate Date-Normally the parties cannot go more than 15-30 days outside of the date stated in the contract although everyone usually works together to close on a convenient date.
Avoid Firm Plans-The Buyer should avoid making firm plans until notified of a date by it's Attorney

1.  Insurance Binder and Paid Receipt

Should be faxed to the Bank's Attorney at least 3-5 days prior to closing.
The Bank will wish to be named as an additional insured. The exact name of the Bank as to be reflected on the insurance binder should be in the Buyer's mortgage commitment letter.
It is best to start the paperwork after the contracts are signed-Then finalize when you know the closing date.

2.  Certified/Bank Checks- Once the Buyer's Attorney knows how much the Buyer will receive from the Bank it will tell the Buyer how much it needs to bring in certified checks.
            Usually the day before closing-Is when the Buyer's Attorney is told how much the Bank is providing (they will be subtracting escrows, fees, etc.)
           Make sure assets are liquidated and transferred in time- It may take more time than you think to get funds into your account or for checks to clear. Also, if you have to liquidate assets (i.e. stocks) it can take a few days and you may still need additional time for the check to clear.
3.  Walk Through Inspection- Usually within 48 hours of the closing

The Day Before is ideal (allows the Seller more time to cure and the Buyer to investigate any problems).

The Buyer Must Make Sure that It's Bank Has a Local Attorney-If the closing is not located in the county where the property is located, the Buyer could incur travel fees and have difficulty in closing on its desired date.

1.  Purchaser Pays the Balance Owed to the Seller
2.  Seller Provides a Deed to the Purchaser-This is the transfer of ownership
3.  Keys are Given to the Buyer