Accepted Offer & Escrow Once an offer is accepted and home inspection is accomplished, both the buyer and seller will need to sign a more detailed contract known as a Purchase and Sale agreement. At this time the transaction enters the escrow process.
The escrow process is designed to protect both the buyer and seller by holding funds and necessary documents with a neutral third party - a title company.
After your offer is accepted, the title company opens an escrow account and you’ll deposit earnest money (typically 1-2% of the purchase price). During the escrow period (usually 30-60 days), key steps include appraisal and mortgage finalization (both performed by your lender), and a title search (performed by the title company) to confirm no outstanding claims on the property. I will assist you in arranging homeowner’s insurance and removing contingencies to proceed with the sale. Nearing the closing, you’ll review a disclosure of closing costs, conduct a final property walk-through, and transfer your down payment. At closing, you’ll sign all documents, and the deed will be recorded, officially transferring ownership to you. Post-purchase, your lender may manage an ongoing escrow account to cover property taxes and insurance, rolled into your monthly mortgage payment.
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