You have until the deadline in your contract (usually three business days) to deliver the earnest money deposit. In Monroe, most contracts specify $500 to $2,000on a standard home. On properties priced at $400,000 and above, $2,000 to $5,000 is more typical.

The money isn't lost at closing. It goes toward your down payment or closing costs at the table. What Happens to the Earnest Money? explains what happens to it in different scenarios, including if the deal falls through.

Louisiana purchase agreements don't include a statutory option period. Your inspection rights come from the contingency your agent writes into the contract. Most Monroe transactions allow seven to ten business days.

Book your inspector quickly. A full home inspection in Monroe runs $300 to $500depending on the property's size.

After the report comes back, you have three realistic paths: accept the property as-is, ask the seller to make specific repairs before closing, or ask for a closing cost credit instead of repairs.

The seller can say no to repair requests. If the issues are serious enough that you don't want the property, talk to your agent before the inspection window closes. Once that window passes, you've accepted the current condition.

Your lender orders the appraisal, not you. You do pay for it: typically $400 to $600in this area. The appraiser visits the home, reviews comparable sales, and issues an opinion of value. Your lender won't finance more than the appraised amount.

If the appraised value comes back below your contract price, you can ask the seller to lower the price, pay the gap in cash, or walk away if you have an appraisal contingency. The Appraisal Came in Low: What Now? covers all three paths.

In Louisiana, your closing is handled by a notary public who must be a licensed attorney. While you're working through inspections and your lender is reviewing your file, the notary is running a title search through public records.

They're looking for unpaid liens, outstanding judgments, or delinquent parish taxes that could cloud the title. If something turns up, it has to be resolved before the sale can proceed. The notary also makes sure you've received the Property Disclosure Document. What's Actually in the Property Disclosure Form explains what the seller is required to tell you.

Your lender's underwriter reviews your income, debts, assets, credit, and the property, often while the appraisal and title search are still in progress. They'll issue conditions (specific items they need) before approving the loan.

Respond to every condition as fast as you can. Delays here push your closing date and can cost you if your rate lock needs to be extended. Once underwriting clears, the lender issues a clear to close and your closing is scheduled, usually with 48 to 72 hours' notice.

You'll receive a Closing Disclosure before you sit down, breaking down every dollar you owe: loan amount, interest rate, prepaid interest, escrow setup, title fees, and any other charges. Review it before you drive to the office.

At the table, you'll sign the Act of Cash Sale, the Louisiana document that officially transfers ownership. The notary witnesses the signing and records it at the Ouachita Parish Clerk of Court. What Does "Act of Cash Sale" Actually Mean? explains the document. What to Expect at the Notary Table walks through the signing day itself.