Typical Flow of an Escrow
| Seller | Buyer |
|---|---|
| Market analysis, order zone disclosure, termite inspection ↓ House on market↓ Buyer presenting offer | Look at houses to get a feel for what is available ↓ Look seriously with intent to purchase ↓ Presenting offer with initial deposit (usually 2-3% of the offered price in personal check) |
| ↓ Negotiating the offer (counter offer) ↓ Reach agreement, open escrow↓ Both parties should have the following signed forms at the beginning of escrow
↓ | |
| Have city occupancy inspection ↓ Fix items
↓ Shop for homeowner protection ↓ Final walk through ↓ Escrow company will pay off the existing loan | Order home inspection (physical inspection) ↓ Negotiate with seller the findings of home inspection, and make escrow amendments accordingly ↓ Shop for lender and insurance companies ↓ Submit the loan application (Please use the same name for loan, escrow, and grant deed.) ↓ Loan approval ↓ Inform escrow of your insurance company ↓ Final walk through ↓ Arrange moving company ↓ Ask seller for tax bill ↓ Three working days before close of escrow, deposit the balance of down payment into escrow with cashier’s check |
| ↓ Close of escrow, get the keys and Hallelujah! ↓ | |
| Get net proceeds ↓ Stop home owner insurance | Buyer should receive recorded grand deed, title policy and homeowner protection plan in a month. ↓ If buyer doesn’t receive the new tax bill by early October, call county office. |
Prepared by J.C. Hsu, Coldwell Banker
(626) 535-2946 (Office)
(626) 318-4391 (Cell)