- Our Agents
So your offer was accepted and you’re on your way to owning that fabulous home – Congratulations! After delivering your down payment to the mortgage lender, and obtaining an escrow company, you’ll enter the actual buying process, often referred to as escrow. This period of time is when all required paperwork is started and steps such as inspection and appraisal take place. Working as your advocate during this period, your real estate agent is charged with the responsibility of ensuring that all aspects are handled before the date of closing. Here are some important aspects of escrow that you should be aware of:
1. Escrow periods are generally about 30 days. Within this period, all items specified in the contract must be completed satisfactorily, including inspection, which should be done early enough so that contingencies can be made or the contract can be canceled if problems cause you to want to do so.
2. Obtaining financing can delay closing. This is why it’s so important to get pre-approved for a home loan. If you obtain financing after your offer, then you risk not being able to get the funding you need by the period of time granted to do so.
3. Use your right to obtain a title report. An attorney or title officer will be able to tell you if a title is clear, giving you the confidence of knowing that there will be no legal issues regarding you purchasing the property in question.
4. Get homeowner’s insurance during this period. Most lenders make this a requirement before the closing of the transaction can take place. Apply for home insurance as soon after signing the contract to buy as possible. This will strengthen the possibility that you’ll get the property insured in time (in case any issues arise that make the property uninsurable – you’ll know in plenty of time to cancel).
5. A final walk-thru inspection is your right and is a good idea. A second look, at about 24 hours before the scheduled closing will ensure that nothing has changed or been replaced since you placed your offer. You’ve made it! Once the sale has closed, you’re the proud owner of a new home. Congratulations!