Escrow Process and Closing. Tip #5

Escrow Process and Closing

Once the escrow is opened and you have confirmation of the receipt of earnest deposit, the process should go smoothly, especially when you have a real estate agent handling and coordinating the various appointments for: property inspections, appraisers, obtaining required property disclosures; possible repairs that need to be done; removal of contingencies; settlement date or close of escrow; and so on.

You need to make the property accessible to the buyer to allow for their inspections and investigations during the time allotted on the purchase agreement. Defer and refer any requests or calls for these arrangements from the buyer or buyer’s agent, who should facilitate them with your specific instructions.

In the event, unfavorable conditions are uncovered during the buyer’s inspection and investigation, or a problem arises from the official appraisal value of the property, you may find yourself back negotiation with the buyer to discuss these issues. You or the buyer may decide to walk away or proceed with the transaction.

Most issues are resolved by buyer and seller, with the guidance of the real estate agents involved in your transaction. Concessions may have to be made by either you or the buyer, or by both of you, in which case you’ll most likely be proceeding to closing.

As soon as the buyer removes all the contingencies on the contract, you can start making plans for your upcoming move, if you haven’t already done them. Other arrangements you may want to keep in mind: cancellation of utilities and services such as electric, gas, phone and cable, gardeners, notice of change of address at your local postal office, your banks and various credit card companies, magazine/newspaper subscriptions and alike. It might also be nice to put together all the owner’s manuals and warranties for appliances or equipments you are leaving behind for the new owners.

A week before the agreed upon date of the close of escrow, make sure you contact the title and/or escrow officer handling your transaction to make an appointment to sign the necessary documents and other paperwork that you may have to bring with you at closing.

There you are, you’ve just completed the successful selling of your home! I hope this helps. Any questions, just post it on the comment section.