Chapter 10: You Sold a Property! Your First Steps After an Accepted Offer

Congratulations — your client’s offer has been accepted! Now the real work begins. From wiring the deposit to setting up escrow and organizing documentation, these early days set the tone for a smooth transaction. Here’s exactly what to do once your offer is ratified.

1. Wire the Deposit — and Do It Fast

Once the offer is accepted, your clients must wire their 3% deposit to the escrow company (or title company, depending on your state). Most contracts allow three calendar days, but in competitive markets, sending funds within 24 hours shows professionalism and good faith. Listing agents will like you for it. 

💡 Pro Tip: Day 1 is the day after ratification — meaning all parties have signed the contract. Calendar days include weekends and holidays, so make sure your clients understand that timeline.

When introducing your buyer to the escrow officer (chosen by the listing agent), include everyone on one group email and request wire instructions. Encourage your clients to complete the wire early in the day so funds arrive the same day. The escrow person (also called title officer) will want the buyer’s contact info as well. 

2. Escrow vs. Title: Who Does What?

Many agents (and clients) confuse the two.

• Escrow company: Manages funds and documents, acting as a neutral third party to facilitate closing.

• Title company: Handles the legal side, researching ownership history and ensuring clear title by identifying liens, loans, or unpaid obligations.

• When one company does both: In many cases, the title company also manages escrow, handling both the financial and legal aspects to deliver a free and clear title at closing.

In other states, attorneys handle the whole transaction. Most Western States and Florida do not use attorneys. 

3. Send Documents to the Right People

Once escrow is open, distribute the correct paperwork to all parties:

• Escrow company: Purchase contract and Buyer Broker Agreement

• Lender: Purchase contract, Buyer Broker Agreement, and (if requested) contingency removals

• Your brokerage: All signed buyer documents — including the disclosure package, Agency Relationship Agreement, and cover sheets

If you’re using a transaction coordinator (TC), send everything to them. They’ll ensure compliance with your company’s documentation requirements and upload all forms into the system.

4. Don’t Skip the Disclosure Package

If your clients didn’t sign the full disclosure package when submitting the offer, make sure they do so within one day of ratification. Ideally, have it signed with the offer — it strengthens your client’s position in multiple-offer situations and demonstrates readiness.

5. Get Help from a Transaction Coordinator

Today’s real estate transactions involve a mountain of paperwork. A TC handles this load efficiently and ensures compliance with brokerage standards. It’s well worth the typical $500 fee.

Remind clients that additional documents may appear throughout escrow — that’s normal! Most of it ties back to the disclosure package.

6. Start Managing Contingencies

If there are contingencies, it’s time to monitor the moving parts — inspections, appraisals, and loans. Each has its own timeline, and any delay should be handled with a formal extension. 

If there are no contingencies, you must make sure the appraisal and the loan gets done in a timely manner. 

In Chapter 11, we’ll dive into how to manage contingencies, navigate insurance challenges, and close like a pro.