Once we make an offer on a home it is my job to make sure that your offer is accepted. From there, I ensure that the offer is executed as written, that every detail of your transaction is completed, and that we adhere to the strict time schedules of your contract.
The following items are all part of the pending to closing process:
The Offer and Contract
When the offer has mutual acceptance:
I deliver copies of the signed contract to all parties, and to escrow.
I return a signed copy of Seller Disclosure Form to listing agent.
I record and promptly deposit your earnest money.
I provide copies of the signed contract for the office file.
I track all dates in the contract, making sure that you are meeting all agreed-to deadlines.
Tracking the Loan Process
I touch base with you weekly or more frequently to ensure your loan is processing on track.
I relay final approval of your loan application to seller’s agent.
I coordinate your professional home inspection.
I review your home inspector’s report, discussing issues with you.
I draft an inspection response to sellers based on your requests, then negotiate work items with the seller’s agent and the seller.
I recommend contractors to perform any negotiated or required repairs.
I oversee the completion of all required repairs on your behalf, if needed.
The Title Report
I make sure you receive the title report and alert you as to your contractual timelines.
I assist you with the interpretation of the title report.
I confirm with your lender that appraisal is scheduled.
I follow up with you and your lender on the status of the appraisal.
I alert the seller’s agent when the appraisal has been completed.
Closing Preparations and Duties
I confirm you have received the title insurance commitment.
I coordinate the closing process with you, the seller’s agent and escrow company.
I update closing forms and files.
I ensure all parties have all forms and information needed to close the sale.
I coordinate the closing location with you and the closing agent.
I assist you in finding a moving company and track possession date to confirm move-in date.
I work with the seller’s agent in scheduling and conducting your final walk-thru prior to closing.
I request final closing figures from the closing agent.
I receive and carefully review closing figures to ensure accuracy of preparation.
I request a copy of closing documents from closing agent.
If a Home Warranty was purchased, I deliver claim forms/directions to you.
I review all closing documents carefully for errors.
If you’re buying and selling, I coordinate this closing with your sale (if necessary) and resolve any timing problems.
My goal for you at closing is not to have any surprises!
Escrow is defined as a neutral third party that acts on the instructions of a buyer and a seller to close a real estate transaction. Escrow works with the title company to resolve any title issues that may delay your sale. It also prepares the legal documents, and collects, holds and disburses all funds.
The closing date is determined in the Purchase & Sale Agreement. Your sale becomes officially “closed” when legal transfer documents are recorded and proceed funds are available for disbursing.
The Escrow Process
The Purchase & Sale Agreement is reviewed by the Escrow Officer.
The preliminary title report is obtained from the title company.
Introductory escrow instructions are created and sent to the buyer and seller.
The purchaser’s lender is contracted by the escrow officer to obtain initial loan information.
The title report is reviewed. Liens and/or encumbrances, if any, are cleared so that a “clean” title can be given to the new purchaser.
Payoff figures are ordered on existing encumbrances to be cleared at closing.
The loan documents are received, reviewed and prepared for signing.
Preparations are computed and costs are allocated.
Legal documents which include: The Statutory Warranty Deed, Excise Affidavit, HUD-1, settlement statements and closing escrow instructions are prepared.
Signing appointments are scheduled with the buyer and seller.
Signing: At least 2 days prior to the closing date, the seller and the purchaser review the final documents. The purchaser’s monies are deposited into the escrow trust account pending the closing date: and the signed loan package is delivered by courier to the lender for final review.
The Statutory Warranty Deed, Excise Tax Affidavit and Deed of Trust are delivered to the title company to hold for recording on the date of closing.
Closing: After the lender completes their review and wires the loan funds into escrow, legal documents are recorded. When recording is confirmed, the transaction is officially closed and funds are disbursed.
Finally, my favorite part of the process: I personally hand you the keys to your new home!