THE SELLING PROCESS
ESCROW INSTRUCTIONS
Escrow instructions define all the conditions that must occur before the transaction can be finalized. The escrow instructions represent your written statement to the escrow holder protecting your interests and specify, in a debit and credit format, the disposition of the sales proceeds and the conditions under which the Grant Deed may be recorded in favor of the new buver.
A Grant Deed is the document which legally transfers your title to the property to the new owner. You will sign the Grant Deed as part of the escrow instructions and the deed will be notarized by your escrow officer or another qualified notary public. Proper identification is needed for this procedure. The Grant Deed is recorded at the time escrow closes.
Your escrow officer or real estate agent will contact you for an appointment to sign your escrow instructions and the Deed. At this time, the escrow officer will inform you of the amount of proceeds you will receive from the sale of your home. If you are also purchasing another home, arrangements can be made to transfer funds to your purchase escrow.
YOUR APPOINTMENT
An appointment is required for the sign-off. Please call your escrow officer to arrange a convenient time and expect the process to take approximately one hour.
There are several acceptable forms of identification which may be used during the escrow process. These include: A current driver’s license, Passport, etc. One of these forms of identification must be presented at the signing of escrow in order for the signature to be notarized.
On rare occasions, funds are insufficient to close escrow and you, the seller, must deposit money into the escrow. Should this situation occur, you will need to obtain a cashier’s check or certified check issued by a California financial institution made payable to the escrow company in the amount indicated to you by your escrow officer or escrow assistant. Personal check may delay the closing since the escrow company is required by law to have good funds before disbursing funds from escrow. Similarly, an out-of-state check could cause a delay in closing, due to delays in clearing the check.
The Selling Process Overview
Phase 1
1-Initial Consultation
-Establish time frames
– Agency Services
– Market conditions
– Determine Market Price
– Agency Relationship
2-Open Escrow
– Coordinate opening of escrow with Orange Coast Title officer
– Order preliminary title report
3-Home Report/Inspections
– Home Services Lending Natural
– Hazard Disclosure
– Environment Check
– Applicable
– Inspections(Home/Pest/pool etc)
4-Disclosures
– TDS
– Supplemental Seller Check list
– Earthquake Hazard report
– Insurance Disclosure
– State Wide Advisory
Phase 2
1-Marketing
– Enter on MLS
– Send out office email notice
– Schedule Open house Put property on Broker tour
– Order virtual tour
– Order property flyers
– Initiate Internet Marketing Plan
2-Report/Disclosure Review
– Read and review all report and disclosures to prepare for review with client
– Review reports and disclosures with client
3-Review Offers
– Review offers with Seller
– Prepare counter offers
– Verify Contingency periods
– Verify Loan rated with lender
Phase 3
1-Initial Escrow Period
– Submit contract to escrow officer
– Report pending sale to MLS
– Confirm that buyer received all disclosures
– Place sale pending sign on property
– Record contingency dates
– Coordinate buyer inspections
2-Transaction Review
– Ensure all disclosure docs are signed properly
– Ensure buyer has received all pertinent documents/reports
– Confirm loan approval conditions document delivery time lines
3-Contingency Removal
-Review repair requests
– Negotiate/confirm repairs
– Remove contingencies
– Confirm move in date with buyers agent Schedule final walkthrough
– Change MLS status DNS
4-Record/Transfer Title & Close Escrow
– Review docs with seller
– Confirm sign off date
– Final walkthrough
– Key Exchange
– Sign off
– Escrow closed
If you’re considering to sell a home in the Bay area, don’t hesitate to get in touch with me to begin the process.I’m here to support you every step of the way. As your ally and guide through the homeselling journey, my priority is to ensure that you feel confident and informed throughout the process.
I look forward to hearing from you!
DRE: 02155483
408 7814633
cgibson@intero.com
