By Priscilla Toomey, Licensed Associate Real Estate Broker, Julia B. Fee/Sotheby's International Realty

Jul. 29, 2015:  There are five major focal points in a home sale and purchase transaction:

1. Search

2. Agreement on Price and Terms

3. Appraisal and Mortgage Commitment

4. Walk-Through

5. Closing

. . . with many smaller steps in between.

Once the first three steps are complete, a walk-through is held, typically within 48 hours before the scheduled closing. The objective of the walk-through is to determine if the home is in the same condition it was in at the time of the inspection and that the sale is ready to close.

Systems must be in working order and the certificate of occupancy should cover the house as it currently exists. The purpose of the walk-through is not to find new issues, so it is important to pay close attention during the inspection and to take as many notes as needed.

The goal of the closing is just that--to close out the transaction so that each party goes on to its next stage--either as the new homeowners or, for the sellers, to their own new home.

Of course, this being real estate, things can happen and occasionally do. Two of the strategies that can be used to enable a closing where there remain outstanding matters are:

A Leaseback:  This is where the prior owner wants or needs to remain in place for a period after the closing. Since there is now a new owner, the former owner would legally be a tenant, so there are some additional steps to be taken--determining a rental amount, insurance, and another walk-through upon vacating, for example.

An Escrow:  This occurs when money needs to be withheld from the seller's proceeds to pay for something that wasn't completed before the closing, be it a certificate of occupancy issue that remains outstanding or an incomplete repair. In this event, there needs to be an escrow agent and a written escrow agreement describing the terms and time limits of the escrow and the work to be done.

The majority of closings, however, do complete the transaction and the parties go forward--happy in their new circumstances. 

Pictured here:  Priscilla Toomey, licensed associate real estate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty, 2 Park Place, Bronxville, NY 10708; cell, 914-559-8084; e-mail, This email address is being protected from spambots. You need JavaScript enabled to view it..

Photo courtesy Julia B. Fee/Sotheby's International Realty