Congratulations on having an accepted contract! Now, what happens next? In most cases, the seller’s agent will give you a verbal acceptance first, while the seller signs the contract. It can take 1-2 days for all parties to sign and return the contract, so be patient. Until the contract is fully executed (signed by both the seller and buyer), it is not enforceable. Once the signed contract is received, several important steps need to happen:
1. Attorney Review Process
The first step is sending the signed contract to your attorney. If we are your Realtors, we will handle this for you. Once your attorney receives the contract, they will start the attorney review process. Your attorney will thoroughly review the terms and negotiate any changes with the seller’s attorney. Expect to hear from your attorney within 1-2 days with any necessary documents or changes to the contract. Always respond promptly to keep the process moving.
2. Mortgage Lender Notification
The next step is sending the signed contract to your mortgage lender. We will take care of this for you as well. This signals to the lender that you’re under contract and begins the process for final mortgage approval (remember, you’re currently only pre-approved). Your mortgage lender will require various documents, and you will likely need to fill out a lot of paperwork. While it may feel overwhelming, it’s crucial to complete these forms quickly to keep the approval process on track.
3. Schedule the Home Inspection
It’s time to schedule your home inspection as soon as possible. Home inspections are typically scheduled within a few days of contract acceptance, and it’s essential to act quickly to avoid delays.
4. Earnest Money Payment
You will need to write and drop off the first earnest money check. Typically, the earnest money is made out to the seller’s agent’s brokerage and can be in the form of a personal or certified check (we will confirm which one is required). The earnest money is typically dropped off at the seller’s agent’s office within 1 business day of contract acceptance. Be sure to ask for a receipt and keep it safe; you will need it at closing.
Moving Forward
Once these steps are completed, we will continue to update you every few days with the next steps in the process. Think of it as our way of keeping you on track and ensuring a smooth transaction.
If you have any questions, don’t hesitate to call us at 718-374-3700 or email us. We’re here to help!