Offer Accepted: Navigating the Next Steps of Your Sale
Receiving and accepting an offer on your Space Coast home is a major win, but it is not the final step of the transaction. Once all signatures are secured and the purchase agreement is fully executed, your home officially transitions into “Pending” or “Under Contract” status. The period between offer acceptance and closing day involves fulfilling contract terms, monitoring buyer financing, managing strict inspection contingencies, and ensuring all legal requirements are satisfied on schedule.
Contractual Milestones
Earnest Money Deposit Deadline
The Earnest Money Deposit (EMD) is a buyer’s good-faith deposit that demonstrates their serious intent to purchase the property. This deposit is typically due within 3–5 days after the contract is executed.
Loan Application Deadline
The buyer must submit a formal mortgage loan application to their lender by the deadline specified in the contract.
Inspection Due Diligence Deadline
The inspection period is the buyer’s opportunity to thoroughly evaluate the property and determine whether to proceed with the purchase. Under the Florida AS IS Residential Contract, the buyer may cancel the contract during the inspection period for any reason. All inspections, evaluations, and decisions should be completed before the inspection period expires.
Appraisal Contingency Deadline
The appraisal helps determine the property’s market value to ensure it supports the agreed-upon purchase price and the buyer’s financing. If the appraised value comes in below the purchase price, the buyer may need to renegotiate, pay the difference, or explore other options depending on the contract terms.
Title Evidence Deadline
The title company will research the property’s ownership history and public records to verify that the seller can legally transfer clear title to the buyer. Title evidence helps identify any outstanding liens, judgments, or other issues that may need to be resolved before closing.
Loan Approval Deadline
The loan approval deadline is the date by which the buyer must obtain loan approval from their lender, as specified in the contract. During this time, the lender reviews the buyer’s finances, verifies documentation, and evaluates the property to determine whether the loan can be approved.
Let’s Get You to the Closing Table!
Selling a home involves many moving pieces, deadlines, and important details. With the right guidance and a proactive approach, the process can feel much more manageable! Shawna Newberry is committed to keeping you informed, helping you stay on track with important milestones, and making sure you know
what to expect every step of the way. From contract to closing, you can count on personalized service, clear communication, and the Shawna Newberry Advantage to help make your real estate journey a positive experience in all of Brevard County from Titusville to SE Palm Bay and Beyond!!
what to expect every step of the way. From contract to closing, you can count on personalized service, clear communication, and the Shawna Newberry Advantage to help make your real estate journey a positive experience in all of Brevard County from Titusville to SE Palm Bay and Beyond!!
Questions about evaluating offers or
reviewing contract terms?
reviewing contract terms?