List and define the steps involved in the sale of real estate.

The steps involved in the sale of real estate include the following:
• Buyer's purchase offer-The buyer offers to purchase the seller's property. The offer may be conditional on, for example, the buyer's ability to obtain financing, on satisfactory inspections of the premises, or on title examination. Included with the offer is earnest money, which will be placed in an escrow account.
• Seller's response-If the seller accepts the buyer's offer, then a contract is formed.
The seller could also reject the offer or make a counteroffer that modifies the buyer's terms. The buyer may accept or reject the seller's counteroffer or make a counteroffer that modifies the seller's terms.
• Purchase and sale agreement-Once an offer or counteroffer is accepted, a purchase and sale agreement is formed.
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