Step 9 - I Have an Accepted Contract. Now What?

February 2, 2024

Step 9 - I Have an Accepted Contract. Now What?

Yay! Your Offer Has Been Accepted. You’re Buying a Home!

Congratulations on successfully getting your contract accepted for the house! Most often, offers are made on the standard contract for either the state of New Jersey or Pennsylvania. So when the Seller accepts the offer, the Seller will sign the contract/offer. If there are any counteroffers, the contract will be finalized with the final agreed upon details (i.e. price, closing date and/or additional provisions) and will need to be signed by both parties. Until we have an executed contract, meaning it has been signed by both the sellers and the buyers, the contract is not enforceable. Therefore, it's crucial to ensure that a signed contract is received by all parties as soon as possible. Once the signed contract is received, there are several important steps that need to be taken:

1. In New Jersey, there is an attorney review period (3 business days) in which you can have an attorney review the contract. During this period, an attorney may cancel the contract and/or negotiate changes to the standard contract that they believe are necessary. If you are retaining an attorney in either New Jersey or Pennsylvania, please provide us with the attorney’s contact information. We will be sure to send him/her a copy of the executed contract. Make sure you keep an eye out for an email or phone call from your attorney. S/He will contact you to review and sign off on any changes to the contract. It's important to respond to your attorney as promptly as possible to keep the process moving forward. If no attorney is retained on either side, attorney review ends after 3 business days in New Jersey. In Pennsylvania, there is no attorney review period.

2. Your mortgage lender also needs to receive a copy of the contract. If we are your Realtors, we will handle this for you as well. This step informs your mortgage lender that you are under contract and initiates the process of getting you approved for the mortgage. Remember, at this stage, you are only pre-approved. It's essential to respond promptly to your mortgage lender, as they will request you to fill out a significant amount of paperwork. While it may feel overwhelming, it's a necessary part of the process, and the sooner you complete and return the paperwork, the better. Review this important information to ensure the mortgage process goes smoothly.

3. Home inspection time! You will also need to schedule the home inspection promptly. Email us for a list of our recommended inspectors. 

4. Additionally, you will need to obtain a certified check or initiate a wire for the earnest money deposit. Typically, the earnest money deposit is made out to the seller's agent's brokerage or title company. We will guide whom you should make your earnest deposit check payment and where it will need to be dropped off (if in the form of a check). It's usually dropped off at the seller's agent's office or title company within 5 business days of contract acceptance. Before you drop it off, be sure to make a copy of the check and send it to us as your Realtors. We will make sure all parties (including the seller side and your lender) will receive a copy of the earnest money deposit check and receipt letter. It will be needed for the underwriting process of your mortgage. Be ready to also give your mortgage lender a copy of your bank statement showing the funds being debited from your account.

All throughout this process, rest assured that my team and I will email you every few days with additional next steps. Think of it as our friendly way of giving you homework to ensure a smooth transaction and to help you make sure everything gets done on time.

Questions? Call us at 609-948-4306 or email me at kat(at)quartermangroup(dot)com.

 


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