Closing: Closing is the last step in a real estate transaction between buyer and seller. All agreements are concluded, money is exchanged, documents are signed and exchanged, and title to the property is transferred to the buyer. Sometimes a buyer pays for the property in cash. However, in most cases, the buyer needs additional financing to obtain the full purchase price. Here are the three common financing methods used in real estate purchase contracts: contingency: a contingency is a condition that must be met in order for the purchase to take place. If the contingency is not fulfilled, the buyer has the option to withdraw from the contract and not proceed with the purchase. Some examples of common contractual configurations are as follows: Residential real estate purchase contracts usually contain promises and provisions guaranteeing the condition of a property.