What is the closing process after an auction ends?

LoopNet streamlines the entire escrow process. Our dedicated closing team works with your broker and escrow for fast and paperless contracting, so you can close with confidence.

Delivering the Earnest Money Deposit to Escrow

1. Upon countersignature of the purchase documents by the seller, escrow is automatically opened and the winning buyer is required to deliver the earnest money deposit to escrow within one (1) business day. Wire instructions may be found in the purchase documents.
2. The earnest money deposit is applicable toward the purchase price of the property. All specific terms and conditions regarding the earnest money deposit can be found in the purchase documents.

Buyer Assignments, Due Diligence and Escrow Extensions

All specific requirements and conditions governing permitted assignments and escrow extensions can be found in the purchase documents.

Typically, sellers permit buyers to assign the purchase to a purchase entity that is wholly-owned by the buyer.

In general, due diligence and escrow extensions are not permitted unless expressly stated in the purchase documents.

In-escrow Contract Cancellations and Renegotiations

All specific requirements and conditions governing the cancellation of the purchase contract can be found in the purchase documents.

In general, buyers are permitted to cancel the purchase of a property under specific circumstances only if they have negotiated a due diligence or financing contingency. However, in almost all circumstances, buyers are not permitted to renegotiate the purchase price.