The Life of an Escrow
Posted by: raindrop 8 years, 1 month ago
The Life of an Escrow: My offer was accepted, now what?
Obtaining an offer on a home is just the first step in the real estate transaction. Below is a typical timeline for a real estate purchase in California. The timeline assumes a 30 day escrow with a buyer obtaining a loan. Keep in mind that nearly all of the terms below are negotiable prior to opening escrow. Also remember, that nearly all of the deadlines can be completed sooner than the timeline listed below.
- Listing Agent opens escrow.
- Escrow begins preparing escrow instructions and pertinent documents.
- Buyer deposits their Earnest Money Deposit (EMD) to escrow.
- Listing Agent or Escrow requests Home Owners Association (HOA) Documents, if applicable, from the HOA Management Company or HOA President.
- Listing Agent orders Termite Inspection, if required by the contract.
- Lender orders appraisal.
- Escrow orders a Preliminary Title Report.
- Seller delivers all disclosures to Buyer.
- Buyer reviews disclosures.
- Buyer orders Physical Home Inspection.
- After Physical Home Inspection, Buyer orders any other desired inspections.
- Buyer reviews Preliminary Title Report.
- Escrow requests payoff demands, i any and clear any liens from the Preliminary Title Report.
- Buyer and Seller submit Statement of Identity's to title to ensure clear title.
- Lender receives appraisal report.
- Buyer verifies insurability.
- Lender sends escrow loan approval
- Buyer and Seller agree on any repairs to be completed.
- Buyer to remove all contingencies
- Buyer completes final verification of property condition to make sure the home is in the same condition as when escrow was opened
- Buyer to sign all loan documents and send back to the lender
- Lender to fund loan
- Buyer to deposit remaining cash needed to close
- Escrow receives authorization for recording.
- Escrow sets up the file for recording
- Escrow closes and grant deed is recorded
- Escrow finalizes paperwork and distributes funds as appropriate
For more information about purchasing a home in San Diego, contact Kate at (619) 933-5319 or email@example.com.
Share on Twitter
Share on Facebook
San Diego Homes
- *SPECIAL DELIVERY* Santa Claus is Coming to Coronado!
- Happy Halloween from the Coronado Island Realty Family!
- New Landscape Transformation Program Increases Incentives in San Diego County
- 624 10th Avenue JUST SOLD!
- 226 Orange Avenue #303 JUST SOLD!
- Blog (346)
- Buyer's Guide to Buying a Home (11)
- DIY Homeowners (55)
- FAQ Buyer (35)
- FAQ Property Management (7)
- FAQ Renters (7)
- FAQ Seller (32)
- FAQ Short Sale (6)
- Friday Favorites (4)
- Home Projects (59)
- Listings (132)
- Local Info (74)
- Market Matters (34)
- Open House (18)
- Rentals (18)
- Staging (1)
- Things to do (77)
- Tips (5)
- Tips for Buyers (7)
- Tips for Homeowners (5)
- Tips for Renters (5)
- Tips for Sellers (5)
- Tips/FAQs (2)
FeedsRSS / Atom
Latest NewsDecember 3, 2019 *SPECIAL DELIVERY* Santa Claus is Coming to Coronado! October 31, 2019 Happy Halloween from the Coronado Island Realty Family! July 10, 2018 New Landscape Transformation Program Increases Incentives in San Diego County READ MORE
Our initial experience with you, especially with your demonstrable expertise, knowledge, and willingness to both educate and work with us regarding the market and related considerations particular to Coronado, resulted in a gratifyingly helpful and positive experience for us.—Robert R. READ MORE