In Maine, the buyer usually presents the offer. This offer is usually in a contract form, known as a Purchase & Sale agreement. The contract stipulates a certain amount of "earnest money" that they Buyer presents with the offer. If the Seller accepts the offer, the earnest money is held in escrow until the closing.
At the time of closing, the buyer usually brings additional funds, called a "down payment" to the closing. Unless it is a cash deal, the difference between the down payment and sales price is usually the loan or financing amount. So the down payment may consist of earnest money presented at the time of the offer, as well as additional funds that the buyer brings to the closing.
At the closing, the buyer signs loan documents, if taking a loan. The seller receives full payment (unless there is Seller financing) and provides a deed to the buyer. The deed is recorded at the county registrar's office. In Maine, the closing is usually conducted by a ttle company or attorney, both of whom may conduct a title search, and issue title insurance, which all lenders require.
So that's the closing! Let us know if you have further questions.
Thanks for writing. We say the property is "closed" when the seller delivers a deed conveying title to the buyer and the buyer pays the balance due (either from their own funds, or borrowed from an investor). Usually this is done at the "closing table" in a conference room, although sometimes buyer and seller do it separately due to geography or scheduling. The down payment is delivered with the offer and is deposited into a trust account when the seller accepts the offer which makes it a valid contract. The down payment is then credited against the balance due at closing.