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 the title company and the inspection time period will officially begin on the next day.
In the meantime, within 48 hours of the contract being signed, the buyer is required to drop off his or her first earnest money check to 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. Once the earnest money is dropped off we will send you a receipt for your records.
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 contract and inspection time period which usually takes between 10 business days (see your contract for the exact number of days).
Only real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® may call themselves REALTORS®. All REALTORS® must subscribe to NAR’s strict Code of Ethics, which is based on honesty, professionalism and the protection of the public.