Once the offer, or counteroffer is signed by both parties, and communicated to the other side, we are under contract. Once that happens, the time starts ticking on a few things.
Seller Disclosure Deadline
Typically a few days after the contract date. As part of our preparation for listing, you completed the Seller Property Disclosure Form. I will send it over to the buyer's agent as soon as we are under contract.
Earnest Money Confirmation
The buyer has four days from the contract date to transfer the earnest money into the buyer's brokerage trust account and send confirmation to me. 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. I will forward the confirmation to you for your records.
After we are under contract, I will change the status of your listing on the MLS from Active to Under Contract or Backup, depending on if we will be accepting backup offers.