Congratulations on receiving an offer! Here’s a step-by-step of what will happen next:
1. Contract Signing and Attorney Review:
Once we’ve verbally accepted the offer, both parties will sign the contract. I’ll then send a copy of the executed contract to your attorney. This will officially start the attorney review and inspection period, which begins on the next business day.
2. Earnest Money:
Within 24 hours of the contract being signed, the buyer is required to provide their earnest money. They can either drop off a check at my office or transfer the funds via wire. This earnest money is a good faith deposit showing the buyer’s commitment to the purchase and will be credited towards their down payment at closing.
Once the earnest money is received, I will send you a receipt for your records. I hold onto the payment as a neutral third party, which helps in case any disputes arise between you and the buyer.
3. MLS Status and Showings:
After we receive the earnest money, I will update the MLS to mark your property as "Contract Pending" (CTG). I’ll also cancel any future showings and open houses, as your property is now officially under contract.
4. Attorney Review and Inspection Period:
We are now in the attorney review and inspection period, which typically lasts between 5 to 10 business days. This period allows both parties to review the contract and complete any necessary inspections. Check your contract for the exact number of days allocated for this phase.
I’ll keep you updated throughout this process and ensure everything is progressing smoothly. If you have any questions or need further details, feel free to reach out to me.
