If you obtain your mortgage before close, you will buy the home like you would in any standard purchase. You will also receive a 1% rebate on the purchase price of the home, which reduces the Ribbon fee. This means you will sign the necessary documents to make you the owner of the home and do the final walk-through. On the close date, the transaction is recorded on the public record, and the closing attorney distributes funds.

If you do not have your mortgage on the closing date, Ribbon will purchase the home first and reserve it for you. You sign a 6-month lease and have up to 180 days to purchase the home back from Ribbon. 

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