The Escrow Process, Closing the Sale
Once the two sides have come to an agreement that is sufficient to open escrow, the real fun begins.
Many different parties go to work during escrow to fulfill their respective duty to the transaction. Home inspectors, title companies, pest inspectors, lenders, Realtors, mortgage brokers and more all have a part in making the transaction go smoothly and working together to solve any unforeseen problems that may arise. And trust me, as long as you’re in real estate, you’ll see new problems every day. It is important to have a strong supporting cast in the sale of your home. Some of the things that take place during escrow:
Escrow drafts instructions to govern the transaction based on the executed purchase agreement
Buyer sends earnest money deposit to be held cashed in escrow trust account
Buyer has property appraised for Lender
Seller hires a pest inspector, pays for necessary repairs
Buyer hires a physical inspector to look at the property
Buyer and seller negotiate repairs
Title company researches title, resolves any title issues, issues title insurance policy (separate policies for both the buyer and the lender)
Seller sends packet of disclosures to buyers
Buyer obtains financing, satisfies lender conditions for full loan approval
Buyer signs loan documents
Escrow coordinates funding with lender
Title Company records sale with county records
When selling, you can expect to pay for the following as part of your closing costs:
New owners title policy
½ of escrow fee
recording charges to clear liens
unpaid/prorated taxes
Interest accrued to Lender being paid off
Repairs as agreed upon by buyer and seller
existing (if any) loans, judgments, tax liens
Broker fees
Unpaid HOA dues
City and County assessments for improvements
Courier fees
(section 1) Termite Repairs
When title finishes recording, a call is generally made to the agents involved by the escrow officer stating that funding and recording have taken place. It is now time to make sure that all the keys are handed over to the buyer (usually through agents) and it is always good to leave any special instructions to the buyer (garage codes, how to reset any appliances or electrical devices, etc..).
For more information on getting your home sold, you can contact me, Cleve Shirley at 858.866.7035, or simply email me at cleveshirley@gmail.com. I’m more than happy to help with any questions you may have.
Many different parties go to work during escrow to fulfill their respective duty to the transaction. Home inspectors, title companies, pest inspectors, lenders, Realtors, mortgage brokers and more all have a part in making the transaction go smoothly and working together to solve any unforeseen problems that may arise. And trust me, as long as you’re in real estate, you’ll see new problems every day. It is important to have a strong supporting cast in the sale of your home. Some of the things that take place during escrow:
Escrow drafts instructions to govern the transaction based on the executed purchase agreement
Buyer sends earnest money deposit to be held cashed in escrow trust account
Buyer has property appraised for Lender
Seller hires a pest inspector, pays for necessary repairs
Buyer hires a physical inspector to look at the property
Buyer and seller negotiate repairs
Title company researches title, resolves any title issues, issues title insurance policy (separate policies for both the buyer and the lender)
Seller sends packet of disclosures to buyers
Buyer obtains financing, satisfies lender conditions for full loan approval
Buyer signs loan documents
Escrow coordinates funding with lender
Title Company records sale with county records
When selling, you can expect to pay for the following as part of your closing costs:
New owners title policy
½ of escrow fee
recording charges to clear liens
unpaid/prorated taxes
Interest accrued to Lender being paid off
Repairs as agreed upon by buyer and seller
existing (if any) loans, judgments, tax liens
Broker fees
Unpaid HOA dues
City and County assessments for improvements
Courier fees
(section 1) Termite Repairs
When title finishes recording, a call is generally made to the agents involved by the escrow officer stating that funding and recording have taken place. It is now time to make sure that all the keys are handed over to the buyer (usually through agents) and it is always good to leave any special instructions to the buyer (garage codes, how to reset any appliances or electrical devices, etc..).
For more information on getting your home sold, you can contact me, Cleve Shirley at 858.866.7035, or simply email me at cleveshirley@gmail.com. I’m more than happy to help with any questions you may have.
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