If your offer is accepted and signed by both parties, you will be officially under contract! But, the purchase will not be complete until closing. The good news is, the home cannot be sold to anyone else while the contract remains in effect. At this point, unless you are making a cash purchase, it will be time to make an earnest money deposit and secure your mortgage loan. Your agent will keep you updated on the timeline to complete your purchase. During this time, it is critical that you not make any major purchases or take out additional loans for any reasons, as this could affect your loan approval and jeopardize closing.