What must be done after an offer is accepted in a real estate transaction?

Once an offer is accepted in a real estate transaction, the next critical step is for both parties—the buyer and the seller—to adhere to their contractual obligations. This acceptance creates a legally binding agreement, which means that both the buyer and seller are expected to fulfill the terms specified in the contract. These terms typically include contingencies, timelines for closing, and the transfer of property ownership, among others.

The process involves both parties acting in good faith to complete the transaction as outlined in the contract. This could mean the buyer arranging for financing and conducting inspections, while the seller may need to address any required disclosures or repairs as stipulated in the agreement.

Understanding this point underscores the importance of the contractual relationship established once an offer is accepted; it's not just a matter of intent, but of legal obligation that drives the progress toward closing the transaction successfully.