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Stage 1 of 6
Contract Signed
Once the buyer and seller agree on all terms and sign the contract, the transaction officially begins. Earnest money and the option fee are typically delivered at this stage, and all contract deadlines begin counting from the effective date.
What typically happens
- Contract fully executed by both parties
- Earnest money delivered to title company
- Option fee delivered to seller
- Effective date established — all deadlines start counting