You’ve negotiated price and terms and either the Seller accepted your offer or you accepted their counteroffer or vice versa. You are now officially Under Contract and the contract “clock” is ticking.
The negotiated REPC (Real Estate Purchase Contract) has established how much time the Seller has to get the Seller’s Disclosures to the Buyer and how much time the Buyer has to inspect the home, appraise the home, get final loan approval and then do the closing in order to set the wheels turning to transfer ownership of the Salt Lake City home from Seller to Buyer.
One of the first things to happen once you go under contract is the contract is distributed to the buyer, seller, title company(s), lender, Realtors and their brokers. The Buyer’s earnest money check is also deposited into a trust account. |