The Escrow Period
Once escrow has begun, it is important to investigate all aspects of the property to avoid unpleasant surprises in the future. A professional inspection to determine the structural condition of the home and its major components is of critical importance. If you don’t already have an inspector I will help you find a reputable professional. You can find certified inspectors on my “useful links” page under Home Inspections. As a result of an inspection, the buyer will usually ask that the seller make certain repairs. In many cases this produces another round of negotiations. I help my clients through this negotiation until an agreement is reached.
During the escrow period you will also receive a preliminary title report to determine if there are any matters that affect title, such as liens or easements. A termite report will be obtained and treatment arranged if necessary. All the while the process of obtaining your loan will continue. Your lender will complete an appraisal of the property and submit your loan for underwriting. When your loan is approved, documents are prepared and an estimate of closing costs is calculated. Once you have signed the loan documents, obtained homeowner’s insurance, and deposited funds into escrow, your loan will be funded and the new title will record at the County Assessor’s office. At this point you now own the property – congratulations (and keys) are in order. I will be with you through this entire process to help inform you.
Even with the keys in your hands I will continue to make myself available to help answer questions, solve problems, suggest restaurants, dry cleaners and the like, and celebrate your new purchase.