Escrow, inspections, and closing

Escrow begins when you accept the purchase offer and the buyer has deposited their earnest money - usually with a title company. Escrow ends when the deed is recorded with the county, with the buyer becoming the official new owner of the home.

The Title Company: Typically the buyer selects the title company and pays the fees. The title company acts as a neutral third party to the transaction, whose principle duties are to research the history of the property to ensure that the title is clear, hold documents and funds while carrying out the instructions of the contract. Everything that affects the title is detailed in the "title report", of which you will receive a copy and which we will be glad to go over with you.

Contract Contingencies: Purchase contracts typically provide the buyer with specific periods of time to inspect the property, review the various disclosure documents, perform certain other inspections, and obtain financing before the completion of the transaction. As these benchmarks are successfully concluded, the contingency will be removed and the transaction will move one step closer to closing. On the contrary, information discovered therein may lead to the buyer requesting a renegotiation of the terms of the contract or certain duties to be performed by the seller based on their findings. This is where an experienced Greater Phoenix real estate agent can really make a difference by helping you make informed decisions and properly communicate them to the buyer.

Home Inspections: It is during this stage of the home selling process that the buyer will have an opportunity to learn much about your home. Once you have accepted an offer, the buyer typically has 10 days to inspect the home. Inspections may include roof, termite, pool/spa, etc., and, of course, a general home inspection. You are entitled to a copy of all of the inspection reports. Depending on the outcome of these inspections, the buyer may request of the seller that certain items found therein be addressed.

Appraising the Value of Your Home: The lender will order an appraisal of the property in order to estimate its value. Appraisers are specialists in evaluating properties, and they base it primarily on recent sales of similar type properties in your area. Typically, this is a buyer's expense and is usually a contingency within the contract. The appraisal is important in that the amount of a loan a lender typically will fund is based on the appraised value.

If Things Get Complicated, You Can Look To Us: Things don't always go according to plan and this is when you really need an experienced Greater Phoenix real estate agent. There are a lot of variables involved, any of which can go wrong. We've been through the process many times and have numerous strategies to help smooth things out and keep everything on track.

Finally, the Final Walk-Through: A few days prior to the close of escrow (COE), the buyer will visit the house one last time to conduct a final walk-through. This final inspection of the property ensures that the property's current condition is acceptable to the buyer and that the buyer's request for repairs has been met. This will constitute that the property was transferred in satisfactory condition.

Closing Escrow: When your transaction is nearing completion, the title company will provide you with a settlement statement that details all of the financial aspects and related costs to selling your home which we will go over with you. Just prior to closing, the title company will have you sign the final documents. When everything is complete, the transaction will be recorded with the county recorder. You will then receive your proceeds from the transaction.

Services and Public Utilities: You will need to cancel and/or transfer your services and utilities. These might include electric, gas, water, phone, cable, and mail. We can provide you with a list of contacts along with phone numbers to make it easier for you.

Keys and Other Essentials: We will coordinate the delivery of your house and mail keys, garage door openers, and other essentials to the buyer once the deed has recorded.

Feedback and Referrals: A good Phoenix real estate agent always knows there is room for improvement. We will ask for your constructive criticism, good and bad, about our service and performance. A smart, aggressive Phoenix real estate agent will ask that you refer them whenever the opportunity presents itself, and we appreciate it.

Well, this was the final step in the process. Your things are packed, the movers are scheduled, and the rummage sale is over. Congratulations!

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