The Sale Process

So now that you, the Seller, and your buyers have a fully executed purchase contract, where you have agreed to a selling price and terms of the sale, it’s time to go to escrow…..

 

I will open escrow for you and let the Buyer’s Agent know who will be handling the escrow process.  The Buyer or Buyer’s Agent will then have 3 days to place the initial deposit into the escrow account.  Shortly after escrow has been opened, the Seller and Buyer will receive supplemental escrow instructions in which you will need to sign and return to escrow.  You will be asked to provide information such as you birth date, social security number and other information which will remain confidential.  You will also be provided with a grant deed for the property that you must sign and have notarized.  You may take it to your escrow officer or an outside source to have it notarized.  The escrow officer will forward a copy of the Purchase Agreement to the lender for review and approval.

 

The loan on your property (if you have one) will be paid off at the close of escrow.  It is important that you still make your loan payments so that you do not damage your credit by incurring late fees.  Also, it is important for you to provide complete information on each loan against the property so the escrow officer can order loan payoff demands.  The loan information should include the name, address, phone number and loan number.

 

If your property has a Homeowner’s Association, you will be asked to provide the contact information so the escrow officer can make any payoffs correctly.

 

The Buyer’s lender will send loan documents to the escrow officer and then an appointment will be scheduled for the Buyers to review and sign all of the documents required by the lender for the loan and any other documents necessary to close the escrow.  At this time, the buyers will be provided an estimate of funds (HUD-1) needed to close the escrow.  The escrow instructions will give the buyer wiring instructions for the transfer of money.

 

The close of escrow means legal transfer of title, and that occurs when your grant deed and deed of trust are filed with the county recorder.  Recording usually occurs within one working day after the funds are received.  Orange County Recorder often times can record the same day with a “Special” recording request.

 

After the transfer of title happens, escrow will prepare a final settlement statement, disburse the funds to the appropriate parties, and issue you a check for the proceeds of the sale.

 

After your existing loan(s) is paid in full, your lender is required to issue a full reconveyance (release of the loan.) It will then be recorded and the original will be sent back to you.

 

This entry was posted in Sellers. Bookmark the permalink. Both comments and trackbacks are currently closed.
  • Call Susan Turner, Huntington Beach REALTOR® Orange County homes for sale Huntington Beach property valuation
  • Calculator

    Loan Calculator Mortgage Calculator
    MortgageLoan

    $

    %

    years

    %

    $ per year

    $ per year

    %

  • Current Average Rates

    California Mortgage Rates
    30 Year Fixed loading...
    15 Year Fixed loading...
    5/1 ARM loading...
  • Affiliated With