What happens after my offer is accepted by the seller?

What happens after my offer is accepted by the seller?

Introduction: Congratulations on having your offer accepted by the seller! This marks an important milestone in the real estate transaction process. After your offer is accepted, several steps will be taken to finalize the purchase and prepare for the property transfer. Here's what you can expect to happen next:

1. Signed Purchase Agreement:

• Upon acceptance of your offer, the seller will sign a purchase agreement or contract outlining the terms and conditions of the sale.

• The purchase agreement formalizes the agreement between the buyer and seller and serves as a legally binding document.

2. Earnest Money Deposit:

• As specified in the purchase agreement, you will be required to submit an earnest money deposit to demonstrate your commitment to the transaction.

• The earnest money deposit is typically held in escrow and may vary in amount depending on the terms negotiated in the purchase agreement.

3. Escrow Process:

• The transaction enters the escrow phase, during which a neutral third party, such as a title company or escrow agent, manages the funds and documents involved in the transaction.

• The escrow agent facilitates the closing process and ensures that all conditions outlined in the purchase agreement are met before the property transfer occurs.

4. Due Diligence Period:

• You may have a specified period, known as the due diligence period, to conduct additional inspections, assessments, or investigations of the property.

• During this period, you can verify the property's condition, review relevant documents, and address any concerns or issues that may arise however the earnest money deposit placed within 24 hours of accepted is non-refundable. Due diligence documents are provided in the active property listing for more information about the property to you as a buyer prior to submitting an offer.

5. Financing and Contingencies:

• If you are obtaining financing for the purchase, you will work with your lender to finalize the loan approval process.

• Any contingencies outlined in the purchase agreement, such as financing contingencies or appraisal contingencies, must be addressed within the specified timeframe.

6. Title Search and Insurance:

• The title company will conduct a title search to ensure that the property's title is free of any liens, encumbrances, or defects.

• You may also have the option to purchase title insurance to protect against any unforeseen title issues that may arise.

7. Closing Preparation:

• As the closing date approaches, you will work with your real estate agent, lender, and escrow agent to prepare for the closing appointment.

• You may be required to review and sign various documents, including the closing statement, loan documents, and transfer of ownership forms.

8. Closing Appointment:

• On the scheduled closing date, you will meet with all relevant parties, including the seller, to sign the final paperwork and complete the transaction.

• Once all documents are signed, and funds are disbursed, ownership of the property is transferred to you, and you become the new legal owner.

Conclusion: After your offer is accepted by the seller, the transaction progresses through various stages, including signing the purchase agreement, submitting earnest money, completing due diligence, finalizing financing, addressing contingencies, and preparing for the closing appointment. By following these steps and working closely with your real estate agent, lender, and escrow agent, you can navigate the closing process smoothly and take ownership of your new property. If you have any questions or need assistance at any stage of the process, our customer support team and licensed real estate experts are available to provide guidance and support.