Congratulations, we’re so happy for you! Once we’ve verbally accepted an offer, both parties will sign the offer. Once that happens, we’ll send a copy of the executed contract to your attorney so the attorney review and inspection time period can officially begin on the next business day.
In the meantime, within 24 hours of the contract being signed, the buyer is required to drop off his or her first earnest money check with my office or transfer the funds to my office via wire transfer. This is essentially a good faith payment showing the buyer is serious about moving forward. The earnest money will be credited towards the buyer’s down payment at closing. Once the earnest money is dropped off we will send you a receipt for your records. Our office holds on to the payment simply because our office can act as an unbiased 3rd party should a dispute come up between the buyer and seller and the buyer asks for the earnest money to be returned.
Once the earnest money is received, we will mark the property as CTG in the MLS, cancel any future showings and cancel any upcoming open houses. We are then officially in the attorney review and inspection time period which usually takes between 5 – 10 business days (see your contract for the exact number of days).