Step 14: Accepted an Offer...Next Steps!

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Congratulations! Once an offer has been accepted, both parties will sign the offer.  After that happens, we’ll send a copy of the executed contract to your attorney for the them to review and inspection time period can officially begin on the next business day.

Meanwhile, within 24 hours of the contract being signed, the buyer must drop off his or her first earnest money check with my office or transfer the funds to my office via wire transfer.  The Earnest Money Deposit (EMD) is a good faith payment showing the buyer is serious about moving forward.  The EMD will be credited towards the buyer’s down payment at closing. The funds will be placed in a neutral bank account that will not be commingled with any other funds should a dispute come up between buyer and seller and the EMD needs to be returned.

Once the EMD is received, we will mark the property as PENDING in the MLS, cancel future showings and 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).

Step 14: Accepted an Offer...Next Steps! Step 14: Accepted an Offer...Next Steps! Reviewed by Alex Sung on November 22, 2020 Rating: 5

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