The buyer is required to make an initial deposit, usually ranging from $5,000 to $10,000 USD, along with an escrow fee within three business days of accepting the offer, as stated in the offer document.

The buyer’s real estate agent will then submit the fully accepted offer, escrow notification letter, identification documents of both buyer and seller, and any other necessary ownership documentation to the Closing Officer or Closing Company. Upon receiving the initial deposit, the Closing Officer or Closing Company will inform the buyer of the estimated closing costs and additional settlement requirements and provide information on how the buyer will take title of the property.

They will also work with the buyer’s legal or fiscal counsel to complete any due diligence and meet any conditions specified in the offer. The real estate agent will work with all parties, including the Closing Company, lawyers, Closing Officer, seller and buyer, to remove any contingencies, finalize inspections or inventories, and address any other issues that could delay the release of the Earnest Money Deposit.

If the buyer wishes to move forward with the purchase, the agent will provide the wire and escrow agreement for the Earnest Money Deposit. If the buyer chooses not to proceed, the agent will facilitate the refund of the initial deposit and inform the seller, canceling the transaction