Hopefully, we’ve successfully negotiated any necessary inspection repairs or credits, and the attorneys have finalized any changes to the contract. Once these steps are completed, the attorneys will officially close the attorney review and inspection time period (A/I).
At this point, the buyer is required to submit their second and final earnest money check to my office within 2 business days. This deposit demonstrates the buyer's commitment to the purchase. After this deposit is made, it becomes significantly more challenging for the buyer to back out of the contract.
Should the buyer attempt to withdraw from the agreement for reasons other than being unable to secure mortgage approval, they are likely to forfeit their earnest money. This means you, as the seller, would get to keep the deposit.
From here, we will focus on waiting for the buyer’s loan to be approved and attend to the final preparations necessary for closing. If you have any questions or need further assistance, feel free to reach out. I’m here to ensure that everything progresses smoothly toward a successful closing.
