Buying: A Step by Step Guide
Whether you’re buying your first home, your upgraded dream home, or your tenth investment property, yours is a big investment and can be an emotional journey. I understand how important this transaction is to you.
Alongside the desirability of the areas I serve are very unique market conditions that require a highly skilled professional with hyperlocal expertise, boots on the ground experience and negotiating finesse.
With me as your agent, you have a trusted guide to advise your every move through the intricacies of the search, uncovering the best home and structuring a deal that will best serve your budget and lifestyle.
Escrow
Once the contract is signed, the escrow period begins. Escrow is the time period between your offer being accepted and close of escrow. Think of escrow as a neutral zone, like Switzerland. Funds are held by the Escrow company so that both parties have time to comply with the terms of the contract and the transfer of title can be prepared. The length is written into the offer and varies. Typically, escrow is 30-45 days however it can be much shorter in all-cash deals.
Why do we need Escrow?
It is important that no funds or property change hands until the instructions in the transaction have been followed and completed. This is for the protection of the buyer, seller, lender, and borrower. The escrow holder is obligated to safeguard the funds and documents while in their possession and disperse funds and convey title ONLY when all provisions of the escrow have been satisfied.
The escrow officer is a third and entirely neutral party and does not represent the interests of anyone in the transaction.
Several things need to be accomplished during a typical escrow and we’ll be by your side to interpret the documents and guide you through the process.
- A refundable deposit (usually 3% of the purchase price) is placed and held by the escrow company.
- Your lender prepares your loan documents and collects necessary information for approval.
- Review and sign disclosures.
- Any inspections mandated in the offer are performed.
- Property appraisal completed by the lender.
- All loan and title documents are signed by you when complete.
- Due diligence performed by you. Remove contingencies to meet deadlines.
- Escrow closes and the property transfers when all conditions have been satisfied.
