Per MLS Rules, sellers must inform the listing agent within 1 business day of signing a contract.
This is very important because they are required to update your listing on the MLS within 1 business day of you entering into a contract with a buyer to purchase your home.
In terms of selling your home, this is where the escrow process begins.
Activities in the escrow process are the buyers getting the home inspected, appraisal being conducted by the mortgage company and working through the buyers getting the mortgage.
Our home sellers guide explains this in more detail.
About the Author: Kris Lippi is the owner of ISoldMyHouse.com and the broker of Get LISTED Realty. He actively writes about real estate related topics such as buying and selling homes, how-to guides for around the house and home product recommendations. He has been featured in Inman, Readers Digest, American Express, Fit Small Business, Policy Genius, Lending Tree, GoDaddy, Manta as well as other major websites. Read more about us here.