YOUR OFFER TO PURCHASE WAS JUST ACCEPTED. NOW WHAT?
Flip the fuck out, celebrate, and go spend the money; this deal is pretty much done.
The purchase contract needs to be signed by all parties. Once fully executed (signed by everyone), the contract is then emailed to the buyers, the buyers’ agent, the buyers’ attorney, the sellers, the listing agent, and the sellers’ attorney all at once in one email that spells out all parties, their role in the transaction, and their contact info. IT IS IMPORTANT FOR THIS “INTRODUCTION EMAIL” TO INCLUDE A REQUEST FOR THE ATTORNEYS TO “CC”/INCLUDE THE AGENTS ON ALL CORRESPONDENCES.
Attorney review begins as soon as that email is sent
(Assuming you have the correct email addresses and everyone receives it)
Now the listing agent has to update MLS.
NJMLS listings are updated to ARIP status.
GSMLS listings are updated to ARIP status.
Hudson MLS listings are only updated to DABO (acronym for Deposit Accepted By Owner) if the seller wants to stop showings. If the seller wants to allow showings during the attorney review period, the listing status just remains “active". (There is no ARIP status for Hudson MLS)
Within 24 hours, an attorney review letter/rider should be sent from one attorney to the other. This is when the details of the purchase are clarified. Whether or not the sale includes chandeliers, window treatments, washers, dryers, and anything else disputable. Also the closing dates are decided now, along with anything else…
The buyer’s attorney is usually the one who sends it out. The 2 attorneys will keep going back and forth until the rider as agreeable to both parties. If possible, avoid getting involved in this process. Just advise your client to discuss all concerns regarding the contract and it’s terms with their attorney. We need to know what they decide upon, and sometimes we will weigh in on a decision; but we never give legal advice. Any ideas you have regarding the law should be discussed with the attorney; not the client.
Once the rider is signed by all parties, the attorney review period has ended and you are UNDER CONTRACT
Now the listing agent has to update MLS status to “UC” (Under contract) and this applies to all MLS' that the listing is posted to.