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 lender and the title company and then the inspection time period can officially begin on the next day.
In the meantime, within 24 hours of the contract being signed, the buyer is required to drop off or wire his or her first earnest money check with either my office, or his own realtor’s office or the title company. 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. A 3rd party always holds on to the payment simply because they can 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 pending in the MLS, cancel any future showings and cancel any upcoming open houses. We are then officially in the inspection time period which usually takes between 5 â€“ 10 business days (see your contract for the exact number of days).
If you have any questions, please call me at 954-464-5434 or email me at Linda@CrossroadsRealtyTeam.com