We have a deal!
If you haven't already, this is where you thank your lucky stars that you have a great Realtor working for you. The next 6-8 weeks can be a whirlwind. You'll be packing and the last thing you want to worry about is where is your seller is in the process and when your deadlines are for inspections and title reviews. This is where your Realtor goes to work making sure that the transaction goes off without a hitch, or at least with only manageable bumps and bruises.
The very first thing you or your agent will need to do is deliver the earnest money to the title company. Earnest Money is your commitment to you that barring something unseen, you intend to complete the purchase of the property. You get your earnest money back as long as your reason to terminate is based on a viable contingency in the contract. If you simply flake out and change your mind, the earnest money will go to the seller. Its just a little incentive for everyone to stay in the game. Your Realtor will make sure that the earnest money is delivered, they will schedule your inspection with the selling agent and they will maintain communication to ensure that all deadlines are being met and all contingencies are being addressed in a timely fashion. A great Realtor will communicate with you from the beginning as to the process and the progress right up until you schedule a day to close!