|
Closing
Escrow
|
|
After the
contract is signed?
|
- Often property inspections will have to be performed to
verify the condition of the property. This can result in
negotiations to correct problems.
- The buyer will have to arrange his financing.
- If a mortgage is taken out, homeowners insurance will be
required by the lender.
- Responsibility for utilities will have to be transferred
from the seller to the buyer.
- An estimate of closing costs will be prepared by the
title company.
- Requesting a copy of the closing
documents at the beginning of the process is key to
understanding the fine print at the end.
- Normally the seller will have to vacate the property.
-
Normally the property will be vacant and the buyer will have a walk through
final inspection.
- Sufficient money to cover purchase price and expenses.
According to California State Law, all funds must be in
the form of a cashier's check or via wire transfer.
- The purchase funds will have to be transferred to the
escrow account.
|
|
|
|
Contingencies
|
|
Removing
contingencies.
|
- If complete inspections have not been done before making
the purchase offer, there will be contingencies to protect
the buyer from unknown problems. Often issues ranging from
almost insignificant to fairly expensive major needed
repairs will be found by professional inspections. This
can lead to stressful renegotiations.
|
|
|
|
Walk
Through
|
|
Final walk
through inspection.
|
- Before escrow is closed the buyer will walk through the
house to make sure that all specified repairs have been
made, that everything belonging to the house as specified
in the purchase contract is there, and that the property
has been left in an acceptable condition.
|
|
|
| |
Home |
Buying | Closing Escrow
|
|
|
|
|
|
Silicon Valley Real Estate, Palo Alto Real Estate, Menlo Park Real Estate, Los Altos
Real Estate, Los Altos Hills Real Estate, Atherton Real Estate, Mountain View Real Estate,
Cupertino Real Estate
|
