Property under contract

Property under contract
Finally, under your state’s law be aware which duties are considered inherently dangerous, such as providing adequate security for tenants in a multiunit building. These duties can’t be delegated to an independent contractor without liability on your part, regardless of whether the person you hire is considered an independent contractor or an employee.
Once you have your property under contract, you can proceed towards closing.  Three things need to happen before you can close. First, the buyer’s lender must produce the funds. Second, your mortgage, or any other lien on the title, needs to be paid off. Third, once the title is clear, you can take the final step and sign it over to the buyer. Then you’ve closed on your house. So is it that simple? Not really. You need to understand what happens between contract and closing, often referred to as “escrow”.
Basically, there are three things that happen between contract and closing, which can be remembered by the acronym, “ATM”.  This should be easy to remember because it is like going to the ATM machine when you close and get your money.