Define the very important steps for closing real estate deal?

1 Draft a purchase and sale agreement. A purchase and sales agreement is a fairly long document outlining the basic terms of the deal you're making with a buyer or seller. While most professional real estate agents use a very lengthy document, if you want to do a closing yourself you can pack the necessary information into one to two pages by sticking to the basics. Search for "real estate purchase and sale agreement template" online to find examples and usable templates. All you need to include are:

• The date of the agreement, the agreement's expiration date, and when the transaction will close. This should include rights of inspection and who pays for such, if any, costs.
• The price of the property and the means (cash, check, etc.) that amount will be paid.
• The state, county, parcel number, and legal description of the property being bought or sold.
• The name and signature of the buyer and seller.
• Details on which party will pay closing costs like property taxes, title work, recording fees, etc.[1] Include escrow amounts and conditions to close, including right of buyer or seller to renege on transaction (such as if the house is found to have major structural damage).
• 2 Obtain a title search. If you're buying or selling a property, you need to obtain or issue an insurance policy title. Unless you're really familiar with real estate dealings and have professional experience in the field, it's best to hire a title insurance firm to do research and issue a policy

Get a deed. A deed is the most fundamental document of a real estate transaction. It is the document that determines who owns the property and the expectations of the buyer and seller. If you plan and drafting a deed yourself, it's vital to include the following:

• A statement that entitles the owner to the property, basically a short opening statement saying the time and date the buyer gained ownership of the lot or house.
• A list of property rights from one person to another, that is what rights the buyer does and does not have regarding how he or she uses the property
• A definition of what ownership of a property means in that specific region's governing body, that is a brief overview of property laws in your state, city, etc.[3]
• Once a deed is signed and completed, you need to take it to the local courthouse where it can be signed and notarized. Which precise office of the court or county notarizes deeds varies from state to state and county to county, but someone at the courthouse should be able to provide the information. You can also find this information online through your local state government's website.[

4 Check if any supporting documentation is needed. Laws regarding property tend to vary by state. Some states require supporting documentation. Usually, these documents inform city officials like a county treasurer of the price of the property or finalize the fact the property's been transferred to a new owner. Ask at the courthouse about any supporting documents you may need. You can also find this information at your state's website   5 Make sure you've used the proper template. Documents regarding real estate transactions come in a specific template. Depending on the state, the forms may need to be designed in a very specific format. USLegal, a software program that helps you format legal documents, can be used to assure the template is correct. You can also download some templates online or talk to an attorney or real estate agent about proper formatting.    

I think if paid advance and signature 

To close any real deal with customer you should have a contact or purchase order or you have an agreement about the payment terms. 

Closing a real estate deal is always about getting the approval from both parties on the pricing and the terms once agreed get a deposit and initial contract and signature and consider it done.

To complete the deal should have been agreed to all terms, conditions , specifications and payment methods then sign on it in the contract

I apologize for not knowing exact answer

Thanks for the invite, I agree with the rest of the answers

Thanks for invitation

I am apologies to answer this question because it's not my specialist field 

The mysterious "closing" we always hear real estate agents referring to when we're shopping for a house, indeed closing occurs when we sign the papers that make the house ours. But before that magical (and often stressful) day arrives, a long list of things have to happen.  The important steps during the closing process from the moment the offer is accepted to the moment the buyer get the keys to buy new home are explained below.

1. Open Escrow Escrow is an account held by a third party on behalf of two parties in a transaction. Because there are so many things that have to happen to complete a home sale, the best way to prevent either the seller or the buyer from getting ripped off is to have a neutral third party hold all the money and documents related to the transaction until everything has been settled.

2. Do a Title Search and Obtain Title Insurance A title search and title insurance provide peace of mind and a legal safeguard so that when you buy a property, no one else can try to claim it as theirs later, be it a spurned relative who was left out of a will or a tax collector who wasn't (or thinks he wasn't) paid. A title officer will perform a title search to make sure there are no clouds on the title (third-party claims to a property that could call into question or invalidate your ownership of it). If there are, these problems will need to be resolved before the property becomes yours.

3. Find an Attorney This is an optional step if you want to get a professional legal opinion on your closing documents. Even most well-educated people can't completely understand their closing documents; an experienced real estate attorney will not only understand them, but also know where to look for potential problems in your paperwork.

4. Negotiate Closing Costs The escrow company can't be expected to provide its services for free, of course, but many companies in this industry take advantage of consumers' ignorance and boost their bottom lines by charging junk fees. Though there is some debate over what is considered a junk fee, fees to look out for include administrative fees, application review fees, appraisal review fees, ancillary fees, email fees, processing fees and settlement fees. If you're willing to speak up and stand your ground, you can usually get junk fees eliminated or at least reduced. Even fees for legitimate closing services can be inflated.

5. Complete the Home Inspection A home inspection is not required, but you'd be stupid not to have one performed. If you find a serious problem with the home during the inspection, you'll have an opportunity to back out of the deal or ask the seller to fix it or pay for you to have it fixed (as long as your purchase offer included a home-inspection contingency).

6. Complete the Pest Inspection A pest inspection is separate from the home inspection and involves a specialist making sure that your home does not have any wood-destroying insects (termites or carpenter ants). You wouldn't want to buy a house with a termite problem, as even a small problem can spread and become very destructive and expensive to fix. Wood-destroying pests can be eliminated, but you'll want to make sure the problem can be resolved for a cost you find reasonable (or for a cost the seller is willing and able to pay) before you complete the purchase of the home. In fact, if any pest problem, even a minor one, is found, the mortgage company will require that it be fixed before you can close.

7. Renegotiate the Offer Even if your purchase offer has already been accepted, if inspections reveal any problems, you may want to renegotiate the home's purchase price to reflect the cost of any repairs you will need to make. You could also keep the purchase price the same but try to get the seller to pay for repairs.  If the purchase contract states that you're purchasing the property "as is", you don't have much recourse to ask for repairs or a price reduction, but you can still ask. You can also still back out without penalty if a major problem is found that the seller can't or won't fix it.

8. Lock Your Interest Rate If you haven't already, you'll need to lock your interest rate. If you have a good lender, it will watch interest rates closely for you and tell you when rates are at a low point so you can lock then. Since interest rates are unpredictable and fluctuate multiple times a day, you shouldn't drive yourself crazy trying to hit rock bottom. Be satisfied with a rate that you think is reasonable given current market conditions and that you can comfortably afford. Also, keep in mind that rates vary by credit score, geographic region and the type of loan you're getting, so you may not be able to get the best rates you hear advertised.

9. Remove Contingencies If your real estate agent helped you draw up a good purchase offer, your offer should be contingent upon several things:

• Obtaining financing at an interest rate not to exceed a certain percent that you can afford
• The home inspection not revealing any major problems with the home
• The seller fully disclosing any known problems with the home
• The pest inspection not revealing any major infestations or damage to the home
• The seller completing any agreed-upon repairs

These contingencies often must be removed in writing by certain dates (known as active approval), which should also have been stated in your purchase offer, for your deal to close. However, in some purchase agreements, contingencies are passively approved (also known as constructive approval) if you don't protest them by their specified deadlines.

10. Funding Escrow You most likely deposited earnest money when you signed the purchase agreement. The purpose of this money is to let the seller know that you are serious, or earnest, about your intentions to purchase the home. After all, the seller is going to take the property off the market so that you can purchase it. If you back out, the earnest money goes to the seller as compensation. If the seller backs out, the money is returned to you.

To complete your purchase, you'll have to deposit additional funds into escrow. Your original earnest money deposit is generally applied toward your down payment; you'll need to submit the rest of your down payment and pay your closing costs (unless the seller has agreed to pay them).

11. Final Walkthrough One of the last steps before you sign your closing papers should be to walk through the property one last time. You want to make sure no damage has occurred and nothing has been removed that is included in the purchase.

12. Sign the Papers Obviously, one of the most critical steps of closing is signing the paperwork. There will probably be at least 100 pages. Although you may feel pressured by the people who are waiting for you to sign your papers.

Conclusion It may seem like the closing process is a lot of work, but perhaps the worst part is the waiting. Most of the time, you'll just be sitting on your hands, waiting for someone else involved in the transaction to come through. So find something enjoyable to occupy your time and distract you while you wait, and feel secure in the knowledge that you've done your research and know how to make your closing process go smoothly.

 

agree with answer given by ms. Martha Alvarez 

 

Thank you for your invitation. I can not add more than the above answers of my colleagues. the most important point to close the real estate deal has to be got a clear final agreement between  the Purchaser & Seller determines the real value of the estate with time schedule of the payment conditions execution as per developments of  the transaction of the property transformation to the purchase. Legal  adviser  has to be set a such agreement and following-up the execution process definitely.