Now that you have accepted an offer on the sale of your home, the following timeline will help you understand and prepare for the remainder of the sale process.

 

During the First Week

 

Within three business days of acceptance of the offer, the Buyers earnest money check will be deposited into Escrow and cashed.

 

You will be asked to complete and sign several required documents that may include the Residential Purchase Agreement, Amendments, Transfer Disclosure Statement, etc. Please sign and complete these forms as soon as you receive them. Typically, all disclosure documents are required to be given to the Buyer from the Seller within seven (7) days after acceptance of the offer. Your Agent will then forward these documents to the Buyer for their review/signature.

 

You will be asked to sign Escrow Instructions and complete the Escrow required documents including having your Grant Deed notarized.

The Buyer will be asked to make a formal loan application (if they are financing their purchase) or provide proof of their ability to purchase your home without any additional financing. The Buyer will also be asked to provide proof of funds for the down payment.

 

We will arrange for a termite inspection of your property. Please advise us immediately if you are presently on a monthly pest control service.

 

During the First Two Weeks

 

The Buyer will conduct a physical inspection of your home. Typically, the Buyer and their Agent will be present during the inspection. You do not need to be present for the inspection. The Buyer will review the report with their Agent and will make a Request for Repairs, if any, in writing to your Agent.

 

You will be asked to respond to the Buyer's Request for Repairs, if any.

Note: The Buyer cannot require the Seller to do repairs unless otherwise agreed upon in the Purchase Agreement. If the Seller refuses to do the repairs the Buyer has requested, the Buyer may cancel the escrow.

 

The Buyer will be given various documents for review from both their Agent and from the Escrow officer. (Termite Report, Conditions, Covenants & Restrictions, Preliminary Title Report, etc) The Buyer must review and approve/disapprove these documents within the time frames as specified in the Purchase Agreement. The approval/disapproval must be done in writing.

 

A report of the results of the termite inspection will be forwarded to you and Escrow. If tenting or repairs are necessary, this will be scheduled by you and your Agent.

 

During the First Three Weeks

 

Seller and Buyer will be asked to sign Escrow Amendments, if any.

 

Seller and Buyer will be asked to sign Contingency Removal forms, if any.

 

The Week and A Half Prior to the Close of Escrow

 

The Buyer will schedule a Final Walk Through to confirm that the home is in the same condition as when they made their offer and to make sure the repair items that the Seller agreed to do have been done.

 

The Buyers will arrange to have the balance of funds available at least 24 hours prior to escrow closing.

 

One Week Prior to the Close of Escrow

 

Seller and Buyer will be asked to sign any last minute Escrow Amendments, Purchase Agreement Amendments, releases, etc.

 

Buyer will be asked to go to Escrow and sign loan documents.

 

Remember to advise all utilities such as telephone, water, cable, trash, gas and electric when you will be transferring ownership of the property. Remember to forward your mail and notify the Department of Motor Vehicles, change your voter registration, etc.

 

Some Important Facts

 

Even though the Buyer's loan has funded and all documents have been signed, the Buyer does not own the home until the Deed is recorded. This generally occurs the day after the lender funds the loan and Escrow has all the necessary documents signed by all parties.

 

Confirmation of the recording does not generally occur until early or late afternoon. Unless negotiated differently, Buyer will not be given occupancy or keys until said confirmation is received by Escrow and communicated to your Agent.

 

You should plan to be completely moved out of your property by 5:00pm on the day Escrow is due to close.

 

The home should be vacuumed and left in clean condition – the way you would hope to find it if you were buying it.

 

All garage door and gate openers and keys (including mailbox, pool, gate keys, etc.) should be given to your Agent or left in the kitchen drawer in the property.


 

Please don't hesitate to call or email us with any questions about the escrow process.

 


Harden Wright & Associates

(858) 793-6106







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Office: 11120 East Ocean Air Dr. Suite 103 San Diego Ca 92130