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 your title company so that title work and tax certificates are ordered. Once received the attorney will review the abstract to determine if the title is clear and if title insurance can be issued, or if there are any requirements that must be cleared before title insurance can be issued.
In the meantime, within 48 hours of the contract being signed, the buyer is required to drop off his or her 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. The title company holds the earnest money simply because the office can act as an unbiased 3rd 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 MLS, cancel any future showings and cancel any upcoming open houses. We are then officially in escrow and the inspection time period which usually takes between 10 – 13 business days (see your contract for the exact number of days).
Questions? Reach out to me Sabrina Shaw or any of our team members at Homes by Sabrina as we are always happy to serve. And as always, remember everyone should love where they live.