Congratulations, I’m so happy for you!
Once we’ve signed all the documents, we have an Accepted Purchase Agreement or an executed contract. We’ll send a copy of the executed contract to the buyer’s lender and the inspection period can officially begin the next day.
You will receive a Next Steps Letter from my office, and it will contain all the essential details of the Agreement. Read it carefully and take note of the important dates stated in it. Several PDF documents will be attached. These need to be completely filled out so that the closing team (the lender, title company officer, my office management team, and the buyer’s agent) can do their job and get us to that ‘Sold’ sign.
In the meantime, the buyer is required to send the earnest money to my office within the contract period. The earnest money will be credited towards the buyer’s down payment at closing. Our office holds onto the payment because we can act as an unbiased third 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 BLC, cancel any future showings and cancel any upcoming open houses (unless you would like to continue to show for back up offers).
We are then officially in our inspection period, which usually takes between 5 and 15 business days (the Purchase Agreement states the exact number of days).