After An Offer Is Accepted

You finally accepted an offer! Congratulations! Even though you have accepted there are still items to consider. This article will go over opening escrow, transaction management, timelines, closing costs and other factors that may come into play during escrow.

The first thing to do is to open escrow. This is done by your real estate agent. An arrangement is made between both parties to allow a neutral third party take hold of legal documentation and funds. This is for the safety and efficacy of both parties and to complete the transaction as scheduled with little to no diversions during the process.

During this time, the escrow agent and your real estate agent will work closely together. They will make sure that all aspects, documentation, contracts, and sales conditions are in compliance.

This is a period when the buyer will complete their due diligence. This means appraisals, home inspections, bug inspections, title reports, etc. are executed. If the buyer finds physical conditions are not met, he or she can ask for repairs on the property. The seller can agree or disagree. Once all inspections are complete and approved, the seller can then ask the buyer to remove related contingencies.

The final contingencies that may remain on the contract are the loan if buyers are obtaining financing and the appraisal which will almost always be required by the lender. Once this is complete and the buyer receives the loan, the parties will then prepare to close escrow.

The final walk through will be to ensure the property has met all conditions and is in the same condition as it was when the offer was accepted. This will take place several days before the close of escrow. Once escrow closes the keys are handed over to the buyer.