Home selling isn’t a one-and-done transaction. However, some steps are pretty standard across the board.

Life changes can prompt homeowners to sell their homes earlier than planned. A job relocation or health emergency, for instance, can trigger the need to sell. But when is a house considered sold? Here are the key milestones to look for.

1. Accepting an Offer

While it may feel like a house is sold when a seller accepts an offer, this is far from true. Buyers typically include contingencies in their offers that must be satisfied before a sale can be finalized, such as a home inspection or financing approval.

If the buyer's conditions aren't met, the seller may reject their offer or issue a counteroffer. This isn't uncommon; it's a standard part of the real estate process and allows both parties to negotiate to reach an agreement.

It's common practice for sellers to get back to buyers within one to three days after their offer is made. Some states have laws governing how quickly a seller must respond to an offer, but regardless of the specific timeline, accepting an offer is a big step in the selling process. It signals a meeting of the minds and changes the listing status from active to pending.

2. Signing a Purchase Agreement

Once the buyer’s offer is accepted, a purchase agreement is drawn up and signed. This document typically contains the purchase price, closing date, and any contingencies that could cause the sale to fall through. It also contains directives indicating steps buyers and sellers can take if their terms are not met, such as forfeiting earnest money or pursuing litigation.

Depending on the terms of the contract, home inspections and appraisals may be required. These can take a while and add to the overall length of the real estate transaction. If a home inspection reveals significant defects that will cost the buyer money, the buyer can exercise their contingency to cancel the purchase. Buyers and sellers should have an attorney review the terms of a purchase agreement before signing. This legal document can be delivered electronically or by fax and is legally binding once both parties have signed. A successful sale is considered to have taken place when the escrow process is complete and the title has been transferred to the new owner.

3. Completing the Closing Process

The final step in the process of selling a house is closing on the property. This typically happens once the seller has fulfilled their obligations, all financial transactions have been processed and legal documents have been signed and recorded.

When this occurs, the home seller is deemed to no longer own the property and the deed is transferred to the home buyer. Before the closing takes place, a final walkthrough inspection will usually take place to ensure that the condition of the property has not changed since the date of the purchase contract.

The closing process is a crucial stage in the home selling process that can often be impacted by various contingencies. These can include an appraisal contingency, which states that the sale is contingent on the property achieving a specified appraised value, and financing contingencies, which require that a potential buyer has secured a mortgage to cover the cost of the new home.

4. Signing the Deed

When the closing process is completed and a deed is signed, the property officially transfers ownership from seller to buyer. This process can take anywhere from 3 to 4 months, and is typically overseen by an escrow officer.

Some sellers may list their home as-is, which means they won't make any repairs prior to closing. While "as-is" is technically an enforceable term, you should still get a detailed home inspection and a seller's disclosure before moving forward with the sale.

Most real estate contracts are based on the principle of 'consideration', which means that one party must give something of value in exchange for another's promise to perform. Unless otherwise specified in the contract, consideration must be either current or future. This is why most real estate contracts contain a clause that allows sellers to keep buyers' earnest money deposits if the property doesn't close for a reason unrelated to the contract terms. This is known as a default.