What should you do as a buyer when the seller accepts your offer and your new property is placed into escrow?

What should you do as a buyer when the seller accepts your offer and your new property is placed into escrow?

First, to have a more efficient escrow, you need to give or have the escrow with the same collocated company as the Title Company…. for example… Fidelity Title and Escrow… or South Coast Title and Escrow.

This is usually accomplished in the Offer to Purchase Contract under selection of services written by your buyers agent. This way you’ll save the seller money because there will not be a charge for a sub-escrow fee but you’ll also get a more efficient job done.

Important! Ask that a Preliminary Title Search on the property be done right away to make certain the title is clear of any liens or encumbrances etc. This will allow the title to be transferred upon purchase.

Next, make, sure you have the escrow officer’s name, phone number, company’s name, and escrow number. It doesn’t hurt to call them to introduce yourself and give them any information they need that wasn’t in the Offer to Purchase.

During the first 3 days, the seller should provide to you the proper disclosures that are associated with the property. This is the Transfer Disclosure FORM TDS-11. It is filled out and signed by the seller in his own handwriting.

Other disclosures are provided to you such as any environmental issues concerned with the area… such as soil conditions lending itself to slippage, water conditions, lead based paints and insulations, mold and mildew disclosure, horizontal furnace problem notice/disclosure, proper installation of hot water heater bracing, and fire alarm for earthquake.

Other disclosures, such as natural hazards for your specific areas, will be given to you throughout escrow telling you if you are in a fire hazard area, earthquake zone, possible flood zone, & etc.

Most important! Your should also be advised as a buyer, you have a 14 day grace period to have the property inspected after acceptance of an offer by the seller.

This time period, as written in the California Association of Realtors Buyers Advisory Form, advises the buyer, not only to have the home inspected by a licensed home inspector, but to check out the neighborhood, churches, schools, shopping, traffic, and even the neighbors. You want to check out any other aspects of the area that may be a concern to you at later date, for example future construction of apartments or industrial areas that may have an impact on future residential resale values.

These inspections and investigations are encouraged by both the seller and buyers agents in any transaction and, if you’re selling the house yourself, should be by you as the seller.

This is to protect you later should any conditions arise concerning the property you were not aware of.

Make certain the seller has ordered a termite inspection and the results are clear of any exposure. Also recommended condition repairs should be noted as stating who is responsible for the cost of the required repairs… the seller or the buyer?

Should you have any questions regarding what to do as a buyer while your new purchase is in escrow… contact AV HomeConsultants for guidance.