things to know when selling and Buying . . .
Upon ratification of an offer the escrow process begins...
escrow explained
things to know when buying
Once a buyer's offer is accepted (or ratified) by the seller, the process of escrow begins.
The agent shall request to "open" escrow (if there is no pre-listing escrow yet).
If no escrow is opened yet the buyer's agent can make the request with a title / escrow company and the buyer's earnest money deposit check shall be delivered to the escrow officer.
At this time, based on the accepted contract, the contingencies or condition timelines begins - the buyer reviews and approves disclosures and reports, home and appraisal inspections are conducted, buyer's loan is in process, and later, loan documents are sent to escrow for signing by all parties.
However, in an all cash offer, there is no financing and thus a shorter escrow timeline.
But if there is a buyer's financing, the buyer signs the loan documents in escrow, and provides the remaining down payment based on the contract timeline. Upon receipt of the closing funds, the deed is sent by escrow to the county or city recorder's office for title recordation of the new owner.
Once recorded and confirmed, the buyer's agent shall deliver the house keys (and other related articles) to the client or buyer and thus, the "escrow has closed". The buyer is therefore officially the new homeowner!
Please note that this is based on California customary real estate procedures. For any questions email me at callme@marybethrojas.com
The agent shall request to "open" escrow (if there is no pre-listing escrow yet).
If no escrow is opened yet the buyer's agent can make the request with a title / escrow company and the buyer's earnest money deposit check shall be delivered to the escrow officer.
At this time, based on the accepted contract, the contingencies or condition timelines begins - the buyer reviews and approves disclosures and reports, home and appraisal inspections are conducted, buyer's loan is in process, and later, loan documents are sent to escrow for signing by all parties.
However, in an all cash offer, there is no financing and thus a shorter escrow timeline.
But if there is a buyer's financing, the buyer signs the loan documents in escrow, and provides the remaining down payment based on the contract timeline. Upon receipt of the closing funds, the deed is sent by escrow to the county or city recorder's office for title recordation of the new owner.
Once recorded and confirmed, the buyer's agent shall deliver the house keys (and other related articles) to the client or buyer and thus, the "escrow has closed". The buyer is therefore officially the new homeowner!
Please note that this is based on California customary real estate procedures. For any questions email me at callme@marybethrojas.com
