In real estate, what is the term for the period after the buyer's offer has been accepted but before the closing?

The term for the period after the buyer's offer has been accepted but before the closing is known as escrow. During this time, the buyer and seller fulfill various obligations outlined in the purchase agreement, while a neutral third party, often referred to as the escrow agent, holds the funds and documents until all conditions of the sale are met. This ensures that both parties are protected throughout the transaction, as the seller cannot access the funds until the buyer has completed their due diligence and the transaction closes.

Leverage refers to the use of borrowed funds to increase the potential return on investment, which is not relevant to the timeline of the real estate transaction. Title transfer specifically occurs at the closing, marking the point at which ownership of the property officially changes hands. Due diligence is a phase that typically happens during the escrow period, where the buyer inspects the property and reviews relevant documents to ensure there are no surprises after the sale. However, due diligence is not the term used to describe the entire period from offer acceptance to closing.