It's time to go to contract. First the seller's lawyer draws up the contract. Then your lawyer reviews it, and makes any amendments in consultation with your buyer's broker. The contract is the final document that clearly spells out the details as to how the transfer of title will take place. (How much you will pay, what concessions have been agreed to, contingencies etc., etc.) It must be very comprehensive and cover everything both you and the seller have agreed to. Before you sign it you should be very clear that you want to proceed. If things go wrong after the signing of contracts, it can become costly to both the buyer and seller.

The sellers sign, and you sign.

You then put the rest of the down payment, which is usually ten percent of the purchase price, in an escrow account set up by the seller's lawyer. Expect this process -- from first draft to escrow payment -- to take about three weeks.

Then on to closing!

Your buyer's broker will guide you through all of this, and can answer any questions.

This web resource will help you better understand what a buyer's broker is -- and how they can save you time and money.

Note: The terms "buyer's broker," "buyer's agent," and "buyer representative" are used interchangeably on this site. Different locales use different terminology for the same idea: a real estate professional who represents you -- the buyer.