Once both sides have agreed to the terms of sale, it's time to satisfy the contingencies. Buyer's work on getting their financing, a buyer's inspector checks out the house, and so forth.

If you've already had a seller inspection, there should be few surprises. But sometimes the seller inspector misses something, or a new problem arises during the interim.

If an inspection turns up problems, the buyer may see this is an opportunity to renegotiate the sales contract. Instead of going back to the drawing board, you can fix the problem or give a cash credit to the buyer at closing.

Depending on your state and municipality, your home may need to pass certain inspections -- smoke detectors, for example -- before you close. Contact your city or village hall before closing.

Earnest money represents the buyer's commitment to purchasing your home. It ties the buyer to the property. The earnest money is also called a deposit. That money may be forfeited to the seller if the buyer breaks the contract. This varies from state to state.

The earnest money usually goes into an escrow account held by the seller's broker. Upon the sale, the earnest money is used as part of the down payment to the seller. If the sale is not completed because a contingency is not met, the earnest money and any interest goes back to the buyer.

If you make an offer to purchase a new home before you get an offer on your own home, you may wind up paying two mortgages at the same time. If you need money from your old home in order to purchase your new home, you can take a home equity loan or a bridge loan.

You can make an offer to buy a new home contingent upon your selling your old home. Too many contingencies can endanger the whole process -- as a seller, you'd be reluctant to accept a contingency neither party can really control. For a short period of time, a home equity loan is probably the more reasonable option. Bridge loans can be expensive and hard to qualify for; essentially, they are like a second mortgage. You may be able to get a home equity loan at a better interest rate.

Closing the transaction completes the deal. Most closings are completed with the help of a title company. The title company issues title insurance for the buyer and the lender. The title company researches the history of the title of the home. The buyer's attorney reviews the information. The title company insures title in the buyer's name in the amount of the purchase price.

Sellers have little to do at a closing. If you sign all the documents ahead of time, your attorney or escrow agent could handle the rest for you. But you should be there in case anything goes awry. You should bring:

Be prepared to sign a lot of documents. Also, be prepared to pay closing costs. The costs can include the cost of the survey, broker's commission, attorney's fee, title insurance, the recorded release of mortgage, property transfer taxes, state capital gains tax, credit to the buyer of unpaid real estate taxes, FHA fees and costs, utility bills, certificate of compliance with building codes, and home inspections.