Managing The Escrow Sale Details | Seller
As a seller, once you have negotiated a sales contract and agreed on a sales price, the next phase of our job begins – managing the escrow details. Below is a list of some of the details and tasks I will be managing through this process.
- Title Company Coordination – My escrow team and I will be in constantly contact with the title company to assess when they need additional information and whether there will be any problems that could affect obtaining title.
- Disclosure Preparation – My escrow team and I will make sure you not only complete all statutory disclosure requirements, but all seller disclosures that need to be provided to the buyer, pursuant to the contract timeline schedule.
- Documentation of Documents Exchanged – My escrow team and I will ensure that both you as the Seller and the Buyer receive copies of all documents pertaining to the transaction. I will have the Buyer sign to acknowledge that he/she has received his/her copies. This is a big step in providing full disclosure to the buyer and ensuring that your transaction stays closed, after it has closed.
- Timeline Management – My escrow team and I will make sure that all of the contract timeline deadlines are met. We believe in pro-active management and work closely with the Buyers’ Agent to ensure that the Buyer meets and removes all contingencies within the time limit provided, or asks for an extension, if needed. At each step we document the completion of each activity.
- Loan Application- Contingency Removal – My escrow team and I will keep you posted on the Buyer’s application for a loan and the progress of the appraisal on your home. We closely monitor the buyers’ loan progress. While we don’t have any control over the loan process, we do make an effort to keep informed on the progress and any potential problems.
- Appraisal – My escrow team and I will work with the appraiser to arrange for entry to the property and to answer any questions he/she may have about the home or neighborhood. I will also provide the appraiser with the most recent comparable sales in the area if the appraiser provides the opportunity, or asks for that information. Recent government changes have limited our access to appraisers, however, we believe in being proactive in the process and having positive relationships with appraisers when ever the opportunity presents itself.
- Increased Deposit – My escrow escrow team and I will make sure that the Buyer increases their deposit and signs the Increased Deposit Receipt ( if the contract call for it) in a timely manner.
- Inspection Coordination – My escrow team and I will coordinate and attend as many inspections as possible and keep you informed of all findings. As a second home owner, it’s my job to provide you with as much support as possible during the escrow process.
- Request for Repairs – Once the inspections are complete, the buyer may come back with a Request for Repairs. That request may be for actual repairs, a credit for repairs, or a price reduction. Regardless of the request, we will review and prepare a negotiation strategy should problems be discovered in the inspection process. We will also get you copies of any report prepared on the property.
- Escrow Cooperation – My escrow team and I understand the importance of working well with others and we make a real effort to assist the buyer team and others involved to create a positive and productive escrow, with the goal of closing the escrow in a timely manner, according to the terms of the contract.
- Title Closing Statement Review – I will ensure that your closing statement includes all of the items agreed to in the contract.
- Closing Details – You may need to have your carpets and/or home professional cleaned prior to the close of escrow. You may also need to complete sewer clearance work, remove/replace a wood burning stove, make repairs, install smoke detectors, carbon monoxide detectors, strap the hot water heater, or have junk hauled away. The closing list of things to do can be long, so you need to know my escrow team and I am here to help you coordinate completing all of those tasks. In addition, on the day we fund and record, I’ll get the home keys to the Buyers’ agent.