Great news – congratulations on your accepted offer! Once both parties sign the offer, the inspection time period can officially begin on the next business day. The inspection time period usually takes around ten calendar days (but can vary, so check your specific contract for the exact number of days).
Within 72 hours of the contract being signed, the buyer is required to drop off their deposit check with the office. This acts as a good faith payment indicating the buyer’s seriousness and commitment to moving forward with the purchase. The deposit will be credited towards their down payment at closing. Once the deposit is received, we’ll send you a receipt for your records. The office holds the payment as a neutral 3rd party should any disputes arise between the buyer and seller and the buyer request their earnest money be returned.
Once all parties have signed the contract, the property will be marked as Pending or Pending Continue to Show in the MLS. Pending means there are no further showings or open houses, and it’s not available for backup offers. Pending Continue to Show means we can continue to show the property in the hopes of receiving backup offers.
Let me know if you have any questions!