The Escrow Process

 

These are the very basic steps followed during the escrow period. Every transaction is different, of course, so the order may vary and there may be a few different steps to be addressed. It’s a lot to do in a short period of time, so we need to stay focused!

 

 

  • Buyer and Seller come to terms; Seller opens escrow.

 

  • Buyer’s investigative period begins:

 

  • Buyer’s Deposit funds delivered to Escrow (usually via wire transfer)

 

  • Buyer’s Home Inspection scheduled immediately by Buyer

 

  • Appraisal ordered by Lender

 

  • Buyer’s Home Warranty ordered by Transaction Coordinator

 

  • Termite Inspection completed (if not done already); report reviewed, signed by all

 

  • Seller’s Disclosures delivered to Buyer; reviewed and signed

 

  • Escrow instructions reviewed, signed by all

 

  • Preliminary Title Report reviewed, signed by all

 

  • Natural Hazards report reviewed, signed by all

 

  • Home Inspection coordinated with Buyer/Seller; report received and reviewed

 

  • Request for Repairs sent to Seller for consideration and negotiation

 

  • Insurability confirmed by Buyer’s Insurer

 

 

  • Buyer’s investigative period ends and Buyer removes related contingencies (excuses to back out)

 

  • Loan Approval from Lender (typically at 21 days) … Buyer removes contingency

 

  • Seller completes negotiated repairs, including wood destroying pest repairs

 

  • Wood Pest Clearance Report issued, depending on timing of fumigation work

 

  • Buyer’s final walk-thru, just prior to closing, to review condition of the home & verify repairs

 

  • Buyer completes wire transfer of personal funds for closing costs and down payment

 

  • Buyer signs escrow and loan documents

 

  • Seller signs Grant Deed with a Notary

 

  • Lender funds the loan, Buyer transfers remaining funds, escrow closes on time!