I Have an Accepted Contract. Now What?
Congratulations—Your Offer Has Been Accepted! You’re Buying a Home!
Your offer has been officially accepted, and you are now under contract to purchase your new home—exciting news! This is a major milestone, and now it's time to take the next critical steps to ensure a smooth and successful transaction.
Finalizing the Contract: What Happens Next?
Most offers are written using the standard New Jersey or Pennsylvania contract. Here’s how the process works:
🔹 Once the seller accepts your offer, they sign the contract.
🔹 If there are counteroffers, both parties must sign the final version with the agreed-upon terms (price, closing date, provisions, etc.).
🔹 The contract is only enforceable once both parties have signed. Until then, the deal is not legally binding, so securing signed contracts promptly is essential.
Attorney Review (New Jersey Buyers Only)
New Jersey: There is a 3-business-day attorney review period where either party's attorney can cancel or amend the contract. If you are retaining an attorney, please provide us with their contact information so we can send them a copy of the contract immediately.
Your attorney will reach out to review any proposed changes, which you’ll need to sign off on.
Act quickly to respond to your attorney to keep the process moving forward.
If no attorney is involved on either side, attorney review automatically ends after 3 business days, and the contract proceeds as written.
Pennsylvania: There is no formal attorney review period—once the contract is signed by both parties, it is legally binding.
Informing Your Mortgage Lender
Your lender must receive a copy of the signed contract immediately. If we are your REALTORS®, we will handle this for you. This step initiates the full mortgage approval process.
Key Reminders:
You are currently pre-approved, but now the lender must fully approve your loan.
Expect your lender to request additional documentation and paperwork—respond promptly to keep things on track.
Delays in responding to your lender can cause delays in closing, so staying on top of requests is critical.
Review this guide to ensure the mortgage process runs smoothly.
Schedule Your Home Inspection
Book Your Inspection Immediately – Inspections should be scheduled as soon as possible to stay within your inspection contingency period (typically 10-14 days).
If you need recommendations, email us for a list of trusted home inspectors.
Attending your inspection is highly recommended—it typically lasts 2-3 hours for a single-family home.
Be prepared for the inspection report to take 1-2 days to be completed.
Earnest Money Deposit (EMD) Instructions
Your earnest money deposit (EMD) must be submitted within 5 business days of contract acceptance. Here’s what you need to know:
Your check or wire transfer will typically be made out to either the seller's brokerage or title company. We will confirm the exact details.
If submitting a physical check, it will likely be dropped off at the seller's agent’s office or title company.
Before dropping off the check:
✅ Make a copy and send it to us for record-keeping.
✅ Your mortgage lender will need a copy for underwriting.
✅ Be prepared to provide a bank statement showing the funds being debited from your account.
Protect Yourself from Wire Fraud
Before wiring funds, always confirm the instructions directly with the title company over the phone using a verified phone number. Wire fraud is a real risk, so never trust emailed wire instructions without verbal confirmation.
What to Expect Moving Forward
Throughout this process, our team will keep you updated every few days with next steps. Think of it as our way of keeping everything on track and ensuring a smooth, stress-free closing.
Questions? Call us at (856) 283-2338 or email info @ quartermangroup.com.
We’re here every step of the way—let’s make this a seamless and exciting home-buying experience for you!
