Escrow Timeline
Days One - Three
Our goal is to get you multiple offers so you can choose one that fits not only your financial goals but also your timeline. Once we have decided on which offer to accept it is time to open escrow. Once escrow has been notified you will be introduced to your personal transaction coordinator who will begin the process by getting escrow and inspection timelines in place. The timeline will depend on what dates were negotiated in the contract. Most buyers have 3 contingency timeframes:
Inspection
Appraisal (unless waived)
Loan (unless paying cash or waiving)
Within 3 days, the buyer must wire their initial deposit into the escrow account. The buyer will also schedule their home inspection within those first days and our team will coordinate this with you. If the buyer is using financing we will also be coordinating the appraisal appointment.
Days Three - Twelve
Within these first few days we will be providing the buyer with our seller disclosures which were completed during the listing timeframe. Within their inspection contingency, they will review these disclosures along with any other pertinent information such as HOA documents, title report, termite report, and any additional inspections.
The buyer will have the option to request repairs from the seller, or request a credit for repairs. Our team will help guide you in negotiating these terms.
All contingencies must be removed in writing by the buyer and signed off. Until that happens, the buyer will retain the right to cancel based upon the open contingency. Until they remove all contingencies in writing, they are entitled to their initial deposit.
Moving Towards Closing
After all contingencies are removed it is time to start scheduling movers, planning for utilities to be moved to your new residence, etc. As soon as we “close escrow” and record with title, the buyer now owns the property and your final proceeds will be wired (this can take up to 3 days). You are expected to leave any extra keys and remote inside the home.
Congratulations!