An “Accepted Offer” is the start of a critical week-long process between buyers and sellers.
Because the verbal agreement is not legally binding, lawyers must work as quickly as possible to finalize and execute a contract. The final contract will lay out all the terms of the deal, such as price, contingencies, and anticipated closing date.
The contract cannot be signed, however, before the buyer’s legal representative conducts due diligence. The buyer’s attorney must review and approve the building’s financials, board minutes, offering plan.
Once due diligence and negotiations are complete, the contract is signed by both the buyers and the sellers. The buyer will then be expected to deliver the initial down payment, which the seller’s attorney will hold in escrow pending closing.