• Escrow Part 1 Contract Acceptance
  Within the first 5 days of Escrow many things are required from both sides of the contract. The Buyer must submit to their Lender their loan package with all the needed documentation. As the Seller, you are required to submit a SPDS (Seller Property Disclosure Statement). This document discloses anything you know about the house that may be considered material or relevant. This form is provided in a question and answer format. The Buyer must review the SPDS and after reviewing the document with their REALTOR® they must sign and return the SPDS within five days or the end of the home inspection period, whichever is greater.
  
  Should the home be built before 1978 it is required that within 5 days from contract acceptance that you the Seller give the Buyer a lead based paint disclosure form. From this the Buyer has 10 days to inspect the property for Lead. This is known as the assessment period. The Buyer has 5 days from the receipt of the lead based paint disclosure form or 5 days after the end of the assessment period to cancel the contract. This form acceptance requires an original signature and cannot be faxed.
  
  As the Seller you have 5 days to deliver the CLUE report (statement of property insurability) to the Buyer.  The Buyer has 5 days or until the end of the Inspection Period, whichever is greater to disapprove and cancel the contract.  Then the Buyer has 5 days after receiving the CLUE report to obtain home insurance.
  
  You have 5 days to disclose if the property is located in an unincorporated area.
  
  The inspection period is typically ten days, and is listed in the contract. At the end of the inspection period the buyer’s agent will send a Buyer Inspection and Seller Response (BINSR) form. There are 3 possible outcomes from this document. One is that you are given a list of items that the buyer would like to see corrected. If this is the case then you have 5 days to respond to the buyer’s request. If you agree to the repairs requested then you acknowledge that on the BINSR and you have until 3 days before the close of escrow to complete the repairs and provide the receipts from the repairs to the buyer.  Second, the buyer can choose to accept the property without asking for any repairs. In this scenario you simply acknowledge this on the Sellers response section. And third, the buyer can choose to cancel the contract.

• Escrow Part 2 Title Commitment
  Upon delivery of Title Commitment/CC&R’s (Home Owners Association Rules/Bylaws) from Title Company, the Buyer and Seller are to review the entire document and bring attention to anything out of the ordinary. The Buyer has the right to cancel the contract within 5 days of the delivery of the Title Commitment. For questions regarding time received and any other potential problems, be sure to keep your agent informed of when you receive this document, they will be able to best advise you in case there are existing liens against the property.

• Escrow Part 3 Appraisal
  The Buyer has 5 days after the delivery of the appraisal to cancel the contract or renegotiate if the property does not appraise for the value agreed to in the purchase contract.

• Escrow Part 4 Before Close Of Escrow
  The Buyer and Seller should receive a HUD (Closing) Statement from their Agent or Title Company.  If you have not received this within 5 days before the close of escrow, you should call your agent.  The HUD Statement will show where all monies in the transaction are being used.
  
  In the last three days before COE, the final walk through must be completed and signed off, you the Seller must deliver any Receipts from repairs made to the Buyers agent, and the Buyer and you the Seller must sign documents for the transfer of your property at the Title company.

• Close of Escrow (COE)
  As the Seller you must bring to the title company your driver's license(s).  You must also make arrangements with your agent to get all keys, remotes, etc.  (including all house & mailbox keys) to deliver to the Buyer’s agent, along with any documentation on existing appliances, security systems, etc.  Once your home has closed it is officially no longer your home. The escrow company is required to close as soon as they are able to close. It is best if you are moved out the day before you close. The Buyer’s agent will release the keys ONLY after successful COE

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