Congratulations, I’m so happy for you! Once we’ve negotiated terms, both parties will sign the offer.  Once that happens, I’ll send you a copy of the executed contract and any contingencies officially begin on the next business day.

Next, within the time period specified in the contract, the buyer is required to drop off his or her earnest money check or transfer the funds via wire transfer.  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 I will send you a receipt for your records.  Normally the title company the buyer selected will hold the earnest money deposit. They are 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, I will mark the property as under contract  in the MLS, cancel any future showings and cancel any upcoming open houses.