What happens when we are under contract?

Once a property has an accepted offer it is "under agreement" or "pending".

At this point the buyer will want to inspect the property and apply for a mortgage loan, if he is plannning to get one.  He will pick an attorney who will work with the seller's attorney to draw up a "purchase and sale agreement"  to be signed by both buyer and seller about two weeks later.

At the signing, he will bring a deposit check which will be held in an escrow account until the closing. The closing is when buyer and seller, their attorneys, and the Realtors meet together and transfer title of the property. 

It's sometimes called "passing papers"

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