1. EMD: The buyer must transfer the earnest money deposit, in full, within 72 hours of acceptance of the offer (unless agreed otherwise).
2. Seller’s Disclosures: The seller must provide these to buyer within 7 days of accepting the offer.
3. Home inspection(s): The buyer should complete the home inspection and any other desired investigations within 17 days of acceptance. Please accommodate the buyer’s and the inspector’s schedules.
4. Removal of all contingencies:* must be done within 21 days of acceptance — meaning that the buyer must have full loan approval by the lender, including the appraisal results, have the home inspection completed and have met all the conditions of any other contingencies.
*Contingencies: Time-frames in which the buyer may further investigate matters pertaining to the purchase, prior to being 100 percent obligated to move forward with the transaction.
Some of the main buyer contingencies include:
– Appraisal: The home is appraised at purchase price.
– Loan: The buyer’s ability to obtain financing.
– Property condition: Buyer to be satisfied with property condition, inspections, permits, records, disclosures and any other buyer investigations.
– Sale of buyer’s property. (if applicable)
– Buyer’s acceptance of items in the HOA documents.
5. Signing docs: After the appraiser confirms that any required repairs are completed, the buyer’s lender can “clear for loan docs.” This means that the loan documents will be sent to the title company.
At this point, and upon buyer’s removal of all contingencies, it’s imperative that you don’t procrastinate on getting the repairs done ASAP! (which is why we suggest you do them BEFORE putting the home on the market).
Escrow will assign a notary to collect your signatures on final docs and deed.
6. Close of escrow: This occurs on the date the grant deed or other evidence of title is recorded at the County Recorder’s office. It is done according to the time-frames agreed to in the purchase agreement.
Once the buyer’s lender reviews and approves signed loan documents, the transaction is cleared for funding. Once escrow has received the funds, the transaction is cleared to be recorded.
When we receive confirmation that we are on record, escrow is “closed” and YOUR PROPERTY IS OFFICIALLY SOLD!
Making the Move
You did it — you home is SOLD! Next comes the job of coordinating movers, packing and handling a change of address — all of it a delicate balancing act that requires attention to detail. We’re happy to help with this too ― check out our moving guide HERE!