Course of Events During Escrow
We are counting 17 days from the day and hour of acceptance of the offer as our starting day for our due diligence.
- I will set an appointment with an inspector to do the inspection.
- We will all receive (including you) copy of the inspection report to review.
- You and me will go over all the details and if needed draw a “request for repairs” for you to sign.
- I will present this request of repairs to the seller.
- You will need to provide a “proof of funding” for the funds necessary to the close of escrow ( a letter from your bank or something showing that you have the money to close)
- The seller will have to accept or not our request for repairs and there might be some more negotiating there to do.
- The seller will order a termite inspection and we will be a advised on the results and receive a copy of the report. The seller is responsible to “fix” problems as per our Wood Destroying & Pest Inspection addendum.
- You will be receiving a Natural Hazard Disclosure (mainly covering and disclosing the earthquake issue, fire hazard and other local area disclosure.)
- You and me will be receiving a “preliminary title report” disclosing any problems with the deed or any lien if there is.
- You will be receiving a set of documents for you to sign all disclosures and I will help you go through.
- You will be receiving a full set of Home Owners Association (CC&R’s) covering all the covenants of the community.
- The seller will be ordering a Home Owner Warranty covering one year for all appliances including air conditioning and pool if relevant as per the offer.
On or before the 17th day you will be asked to sign a “removal of contingencies” confirming the fact that you are “IN” and committed to close escrow. If you back out anytime after that you will loose your deposit, except if we have a loan contingency until funding. This would be the only contingency remaining.