A contract that shows both you and the seller of the house have agreed to your A formal bid from the home buyer to the home seller to purchase a home..... This offer may include sales contingencies, such as obtaining a A loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price... of a certain type and rate, getting an acceptable inspection, making repairs, The process of completing a financial transaction. For mortgage loans, the process of signing mortgage documents, disbursing funds, and, if applicable, transferring ownership of the property. In some jurisdictions, closing is referred to as “escrow,” a process by which a buyer and seller deliver legal documents to a third party who completes the transaction in accordance with their instructions. See... by a certain date, etc.