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Escrow Process Buyer
Once both parties have signed the offer that becomes your acceptance date.
Put your earnest money deposit into escrow. It is normally $1K to $5K based on the purchase price.
Choose your lender and complete the application. You don't have to use the lender on your pre-approval.
Review a Prelimenary Title Report. Escrow will verify the title is clean and you will have Title Insurance.
Review Seller's Disclosure Statement. You have 7 days to review and cancel if you are not satisified.
Complete property inspection within 10 days after the acceptance. Most buyers use a professional inspector.
If there are any issues you can negotiate a credit or ask for repairs.
The seller is not obligated to fix anything and you can still cancel so it is a negotiation process.
Select a termite company. The seller will order and pay for the termite inspection when the time comes.
Review Condo and Home Owners Association Docs if available.
You normally have 10 days to after receipt of these documents to review and cancel if you are not satisfied.
After the Termite Inspection if active termites are found the home will be tented or treated in another way.
The appraisal is conducted by the lender's chosen appraiser to verify you are not paying too much.
The lender delivers a Conditional Loan Approval saying you are approved with a few final conditions.
You conduct a final walk thru before signing. Many times the owners are still in the home during the walk thru.
Our rebate is on your estimated HUD which is the statement of all closing numbers.
Documents are signed either at escrow's office or the lender's office.
You make your final escrow payment whcih must be a local cashier's check or wire transfer.
The next day the lender funds, then 2 to 3 days after funding you close and get the keys.
If you cancel escrow the seller must sign for you to get your money back, no exceptions.
If the seller does not sign escrow remains neutral and will not release your funds.