Congratulations! At this point, you’ve officially accepted an offer on your home. Although you’re in the final stretch, there are a few more things to mark off your to-do list before your home is officially sold.
The first thing to do once an offer is accepted is open escrow. Escrow is an arrangement with a neutral third party who holds the legal documentation and funds on behalf of both the buyer and the seller. The escrow agent and real estate agent work closely together to ensure all sales conditions are in compliance. This is a period of time where the buyer is given the opportunity to complete their due diligence.
Next, the purchaser will hire a licensed home inspector to review the physical condition of the home. Based on the inspection, the buyer may ask you to make repairs on the property which you can agree or disagree to complete. Once all inspections and investigations are completed, the seller can request that the buyer remove the inspection contingencies.
If the buyer is obtaining financing, the final contingencies that may remain are loan and appraisal. Once the appraisal is complete and the buyer receives the loan, the parties should be prepared to close escrow.
Several days before escrow is to close, the buyer will conduct a final walk through to ensure the property is in the same condition as it was when the offer was accepted. This is not an inspection, but merely a review of the property.
Finally, the escrow process is funded, closed, and the keys to the property are turned over to the buyer.