Help! New Agent Just Put My 1st House Under Contract. Now what?

7 Replies

I just go my license a month ago to supplement any investments I would make going forward.  I hung it under my boss, who is a commercial broker and has no background in residential, and therefore he is of no help here.  

I just put this house under contract and have 7 days to inspect.  The sellers agent sent me a title company they wanted me to use.  How do I go about getting my deposit into escrow?  Is there anything else I need to know?  Thanks!

Your deposit goes to your broker.  Very first thing is go over your contract with a fine-toothed comb and make a timeline!  When is the financing contingency waiver due for example?  Don't know?  Look at the contract.  It dictates all of the due dates for everything.

There is no financing contingency.  I'm paying with my own money.  So at least that's one less thing to worry about.

My boss works in commercial so he doesn't know any more than I do about escrowing.  All I have is an email from the sellers broker with an address for a title company.  Do I just send them a check?  

Hey Scott,

What does it say in the contract??

Everything should be spelled out in the contract on where all monies go.

David Hunter

@Scott Le  for something like where to deposit the escrow check, why not speak to the seller's agent? I mean, the seller's agent has a vested interest in trying to get the deal closed. I wouldn't rely on them for advice about condition of the property, etc., but for something like depositing the escrow check, I bet the agent would be willing to help you in the interest of getting the deal done.  You could also contact the title company.   

Get your check over to the listing agents firm and they'll put it in escrow at their company.  Schedule the inspection asap and if an inspector can't get out there before the deadline you can file an extension for time.  The listing agent should be working on the p&s, they'll need the name or company you're  purchasing under, yours or your companies address and the attorney you plan to use.  Once you get the inspection done and the p&s over to the attorney as long as your financing is all in place the attorney will take care of getting ready for the closing.  If the seller or their agent isn't taking care of the smoke inspection schedule that as well once the inspection is passed and the p&s is signed.  You need a smoke certificate or a waiver signed to close.  This is how it's done in Massachusetts at least, may be a bit different in Florida.

Hey there. When go under contract, you have normally two days to get the earnest money deposit to escrow. If you did not negotiate for it to be your escrow then it will be theirs. You are best to TAKE the check there but if you are out of state then you make the calls to confirm that the contract is in their possession and you can mail them the check. They are required to send you an official receipt. That receipt will become part of everyone's permanent file. Hope this helps. 

TEEDI K

Designated Broker

Originally posted by @Teedi Kelly :

Hey there. When go under contract, you have normally two days to get the earnest money deposit to escrow. If you did not negotiate for it to be your escrow then it will be theirs. You are best to TAKE the check there but if you are out of state then you make the calls to confirm that the contract is in their possession and you can mail them the check. They are required to send you an official receipt. That receipt will become part of everyone's permanent file. Hope this helps. 

TEEDI K

Designated Broker

Yes, I think this is exactly the answer I was looking for.  Turns out the sellers agent hadn't even submitted the contract yet, so that bought me another day.  I believe that by law I have until Tuesday or Wednesday, but I will contact the title company to make arrangements.  

Thanks to everyone who answered.