What happens after signing a residential agreement of sale?Answer:
If you are buying real estate and you signed a residential agreement of sale, you should know that this is a binding contract between the seller and buyer and no modifications can be made without both parties' approval.
After signing the residential agreement of sale, the buyer has to apply for a mortgage loan and pay for title search to make sure title is clear. The new deed of property will be prepared and some documentation will be collected. Then, a closing date will be scheduled if all residential agreement of sale terms are met.
The mortgage to be obtained has to be discussed with your attorney before signing to make sure you are getting decent rates and there are no hidden closing costs. At closing all documents have to be reviewed for compliance with the residential agreement of sale, title will be transferred to the buyer and funds will be transferred to the seller.
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