What to Expect After an Offer is Accepted

First, we establish a timeline. Here are typical timeline steps:

1. Offer accepted.
2. A timeline is created by staff at both real estate offices (buyer and seller brokerages)
3. Seller provides all disclosures and reports in their possession.
4. Seller schedules any inspections they are responsible for and reports give to buyer prior to the buyers investigation contingency removal date.
5. Buyer deposits Earnest Money Deposit with escrow company chosen (usually within 3 days)
6. Determine and calendar dates for release of buyer contingencies like investigation and loan are established.  (17 days on average is normal).
7. Buyer schedules any inspections needed.
8. Buyer may ask for repairs or concessions though sellers have no obligation to agree.
9. All buyer contingencies are removed.
10. Seller must provide any agreed to repairs completed prior to 5 days before escrow closes.
11. Loan documents are prepared and signed by buyers if using a loan.
12. If cash, cash is deposited into escrow a few days prior to scheduled close of escrow.
13. The sale is released for recording with an independent recorder company and sent to the county.
14. The next day, the county records the sale.
15. That same day, the buyer gets the keys unless a seller possession has been agreed to in the contract.

What does the Escrow and Title Offers Do?

Escrow and title are the gatekeepers for legal, financial and title transfer responsibilities. They make sure there are no title deficiencies and the identities all all the parties have been verified. They protect both parties by preparing a Title Report including an easement map. The title rep can walk through any easements so you understand them. Escrow receives all the money and keeps it safe until the sale closes escrow. Buyer deposits stay with escrow as do loan and cash funds, until such times as the sale is officially recorded. Loan documents can be signed at their office of with a remote notary at the location of your choosiing.