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Under contract · 5 steps · free · the same words a Keighbor seller reads
Why this page existsThis is the guide a Keighbor seller reads at the "Go under contract" milestone, published in full so you can read the whole job before anybody asks you to pay for help with it.
Key takeaways
There is a fully signed purchase agreement in your room.
The escrow holder has confirmed the deposit was received.
Every deadline is on your calendar with an alert on it.
Your title company or attorney has the contract and has opened the file.
You know the buyer's lending timeline and who to reach with questions.
1
Sign the purchase agreement
You're done when: There is a fully signed purchase agreement in your room.
The purchase agreement is the legally binding contract for the whole sale: price, contingencies, deadlines, and what conveys. In many states an attorney reviews it as a matter of course.
How to do it
Use a state-appropriate form. State Realtor association forms are common and vetted; your title company or attorney has templates too.
Confirm every term: price, earnest money, contingencies, key dates, the convey and exclude lists, and who pays what.
In an attorney state, or on anything complicated, have your attorney review it before you sign.
Make sure everyone on title signs. In community-property states or joint tenancy that can include spouses who are not on the deed.
Sign identical terms, and make sure every party gets a signed copy.
Worth knowing
An attorney review is usually about thirty minutes of their time.
Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin are community-property states. Check with your title company if you are unsure.
If a term feels off, or you do not understand it, ask before you sign. Not after.
What it costs
$150-500 for an attorney review, where you use one
Where to check
Your attorney, or your title company, before signing
2
Confirm earnest money is deposited
You're done when: The escrow holder has confirmed the deposit was received.
Earnest money is a buyer's deposit. The amount and holder are set by the contract and local practice, and it is commonly held by an escrow holder or another named third party rather than paid directly to the seller.
How to do it
Confirm the deposit amount and its deadline in the contract. One to three business days after acceptance is typical.
Make sure the funds go to a neutral escrow holder: the title company, the closing attorney, or a broker trust account.
Get written confirmation from the escrow holder that the deposit arrived.
Read the contract's terms for when the deposit is refundable - the buyer walking inside a valid contingency window - against forfeited, meaning walking without cause.
If the deposit does not land on time, check in with the buyer and your title company straight away.
Worth knowing
Never take earnest money into your own account. It has to be held by a neutral party.
A larger deposit generally signals a more committed buyer.
Reducing or waiving earnest money is a real concession. Make it knowing what you are giving up.
What it costs
None to you. The buyer deposits 1-3% of the purchase price
Where to check
Written confirmation of receipt from the escrow holder
3
Add known deadlines to your calendar
You're done when: Every deadline is on your calendar with an alert on it.
The purchase agreement sets the deadlines for inspection, appraisal, financing, title, the final walk-through, and closing. Add the confirmed dates to your calendar and ask the appropriate professional about any date you don't understand.
How to do it
Pull every deadline out of the contract: inspection period end, appraisal, loan approval, title review, walkthrough, and closing.
Set an alert three days ahead of each one.
Note who is responsible for each: you, the buyer, the buyer's lender, or the title company.
Track the contingency-removal dates especially. That is when the buyer's exit rights expire.
Share the calendar with your title company or attorney so everyone is working from the same dates.
Worth knowing
Deadlines run from the fully executed contract date, not from any single event afterwards.
Standard timelines on a conventional loan: inspection 7 to 10 days, appraisal 2 to 3 weeks, financing 25 to 35 days, closing 30 to 45. FHA and VA add 5 to 10 days.
If a buyer misses a deadline, respond in writing rather than letting it slide silently.
What it costs
Free
Where to check
The signed contract itself, read date by date
4
Loop in your closing team
You're done when: Your title company or attorney has the contract and has opened the file.
Your title company or attorney needs the signed purchase agreement before they can start the title search and open escrow. Getting it to them within 24 hours saves days at the other end.
How to do it
Send the fully executed purchase agreement to your title company or attorney.
Provide whatever they ask for: the recent deed, a prior title policy, current mortgage payoff information, the HOA contact.
Confirm they have opened the file and started the title search.
Ask about their timeline: when they need the payoff figure, when they will issue the settlement statement, and when they will need your bank details.
Save their contact details in the Room so you can find them quickly.
Worth knowing
Title companies are a genuinely good resource for questions about deadlines, prorations, and required documents. Use them.
Getting them the contract quickly is what prevents a title-search bottleneck at the end.
Ask how they will send you wire instructions, and agree now that you will verify by phone. That conversation is much easier before there is money on the table.
What it costs
Included in closing costs
Where to check
Written confirmation that the file is open
5
Check in with the buyer's lender
You're done when: You know the buyer's lending timeline and who to reach with questions.
The buyer's lender is one of the most common sources of closing delays. An early check-in surfaces small problems while they are still small.
How to do it
Once you are under contract, send a friendly note to the buyer's agent, or the lender directly if you have their details: is there anything you are still waiting on to keep things moving?
Ask when the appraisal is likely to be ordered and when the loan is expected to clear underwriting.
Put both dates on your calendar so you can check in again as they approach.
If something comes up on their side - a missing document, a delayed appraisal - you hear about it early and can adjust.
Save the loan officer's contact details in the room.
Worth knowing
Most lenders and agents welcome the coordination. This is not pestering.
About 13% of contracts had a delayed settlement in a recent NAR three-month period, and around 7% of those were down to the appraisal.
You have no right to the buyer's financial details, and asking for them is not the point. Asking about timing is.
What it costs
Free
Where to check
The lender's own expected dates, in writing
There are 17 more like this one
Every step of a home sale has a guide this long behind it. Your room opens them one at a time as you reach them, and whatever you work out gets saved into the step.
