Our offer has been accepted and that is reason enough to rejoice, right? Definitely enjoy the moment, but relish quickly because the time to act is now. What’s next? Glad you asked! Your REALTOR® should assist you with these tasks.

Option Period Begins

Once the contract has been fully executed, meaning the contract has been signed by all parties (the seller and buyer), your REALTOR® will execute an effective date of final acceptance on page nine of the purchase agreement, which officially begins the buyer’s option period. This date sets forth the start of all of the numerous deadlines (i.e., option, financing) outlined in the contract.

The termination option period (see paragraph 23 of the purchase agreement) is the number of days a buyer has to terminate the contract for any reason without forfeiting their earnest money. This time affords a buyer the ability to find out all they can about the condition of the home they are purchasing.

Earnest & Option Money Delivered

Option: The nonrefundable option amount written in paragraph 23 of the purchase agreement must be written in the form of a personal check from the buyer to the sellerand delivered within three days of the effective date of final acceptance to the listing agent. *Please Note: someone at the broker’s office MUST sign page nine of the purchasing agreement to signify receipt of the check.

Earnest Money: Within three days of an offer’s mutual acceptance, the buyer must also write personal check and deliver the earnest money check to the title company (see paragraph 6 of purchase agreement), which is then deposited into an escrow account held jointly by the seller and buyer.*Please Note: someone at the title office MUST sign page nine of the purchasing agreement to signify receipt of the check.

Schedule the Home Inspection

Next, you will need to schedule the home inspection to take place as soon as possible. By performing the home inspection quickly, you will leave room to negotiate any needed repairs before the end of the option period. Be sure your inspector is able to complete any specialized testing that you desire, including, radon, pest, septic, structural, HVAC, mold, roof, or pool. Once you have chosen an inspector, confirm that they are able to book the inspection with the seller through a system called CSS. Otherwise, your REALTOR® can work to help them gain clear access to the home.

Lender Documents

Your lender should receive a copy of the executed purchase agreement and all additional documents immediately so they made begin the mortgage process. Make sure that you provide them any additional documentation they request so as to comply with the closing date. You will want the lender to hold off on ordering the home appraisal until after the inspection process.

Title Commitment

Once the title company has received a copy of the executed purchase agreement, they will begin the title commitment work.