What typically triggers the closing of a real estate transaction?

The closing of a real estate transaction is typically triggered by the acceptance of the purchase offer. This is the moment when both the buyer and seller agree on the terms of the sale, including the price and any contingencies. Once the offer is accepted, the next steps in the real estate process can proceed, leading up to the closing itself.

At this point, a contract is usually drafted and signed, outlining the agreed-upon terms. This contract serves as a legal binding agreement and sets the stage for the various processes that must occur before the transaction can be finalized, such as inspections, appraisals, and securing financing.

Completion of property repairs, final negotiations on price, and the transfer of earnest money are important elements of the real estate transaction process, but they typically occur after the acceptance of the purchase offer. Therefore, these actions do not trigger the closing itself; rather, they are part of the preparations that follow once the offer has been accepted.