You think that as soon as the real estate contract is signed, you can take the day off and celebrate?
I’m sorry but unless you have the perfect real estate contract and everything else falls in place, you will not be able to celebrate until after closing.
I know quite a few real estate agents who, as soon as the real estate contract is signed start booking their family vacation or even purchase a new car. I have seen sellers go crazy spending their savings in their celebration that their house was sold. Well, don’t do that YET.
A signed offer is not a legal commitment. Our agents use a written offer so there won’t be any disagreements later on.
When buyer and seller sign this real estate contract, 10% of the purchase price or any other agreed on amount goes into escrow. Usually, this earnest money is non-refundable. Ticos negotiate differently and usually the seller receives the earnest money since they don’t use escrow.