What do I need to know when I'm ready to accept an offer to buy?

The offer outlines a number of positions.

• How much the buyer is willing to pay
  
• When the buyer wants to take possession
  
• What conditions are attached to the offer
  
• When the offer expires
  
  As an act of good faith, the buyer gives a deposit with the offer. Along with the deposit, the buyer may try a number of tactics such as submitting an offer much lower than your asking price or attaching conditions to the offer.

You may wish to negotiate a compromise on the offer's conditions. The counter offer is one more step to negotiating the final terms and conditions of the sale.

A signed offer is a binding contract. Make sure you understand and agree to all of the terms in the document. Before you sign you should have your lawyer review it.

Before you close the sale, there are a number of other items that might have to be handled.

• You may be asked to provide a current survey, or a "real property report." It shows the location of the house on the property and proves that no encroachments exist.
  
• You may be asked to prove title to the property. The buyer's lawyer will conduct a title search to learn if there are any liens, easements, rights-of-way, or height restrictions.
  
• You may be asked to obtain a health inspection certificate for the septic system.
  
• You may be asked to have your house inspected for construction and safety.
  
• You should protect your investment by keeping all your insurance policies in force up to the day of closing.