Congratulations! Once all parties have signed, we are under contract. We will turn a copy of the contract into our administrative staff, and your home will be marked PENDING in the MLS and on other websites. We will cancel any future showings and any upcoming open houses. Within 24 hours of acceptance, the buyer is required to deliver the earnest deposit to the title company noted on the contract. This is essentially a good faith payment showing that the buyer is serious about moving forward. The earnest money will be credited towards the buyer’s down payment at closing. The title company keeps the funds in a holding account. That way, if a dispute should arise between buyer & seller, the money is held by an unbiased third party.
At this point, if the buyer is not accepting your pre-inspection as proof of condition of your home, they have a specific number of days (generally 7 business days, noted on the contract) to schedule their own inspection of your home.
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