Must-Have Escrow Checklist for Home Sellers
The escrow process entails filling out and reviewing paperwork, scheduling appointments and staying on top of deadlines. With so many things at play, sellers usually find it extremely helpful to have a thorough checklist that helps guide them through the process. Read on to see what you'll experience as you head into escrow and use this list as a resource to simplify your home sale!
Before Going into Escrow:
- Review all offers.
- Carefully review all terms and consider all of your options.
- Accept your buyer's offer to purchase real estate.
Escrow Checklist for Home Sellers:
- Verify the escrow company received a copy of the offer to purchase real estate.
- Verify the escrow company received the earnest money deposit.
- Obtain a prequalification letter from the buyer.
- Obtain proof of funds sufficient to close from the buyer.
- Review escrow instructions provided by the escrow company.
- Complete the Sellers Disclosure packet & provide to the buyer.
- Verify escrow has ordered the preliminary title report, termite certificate, natural hazard disclosure report, and the HOA docs and HOA transfer fee, if applicable.
- Verify the buyer scheduled the appraisal so that the appraisal contingency can be removed.
- Verify with the buyer that the loan and loan contingency removal is on track.
- Facilitate the buyer scheduling inspections, such as the general home inspection, termite inspection and any special inspections (roof, mold, fireplace, etc.).
- Complete any paperwork required by the escrow company, such as the FIRPTA affidavit, wire transfer instructions, commission instructions, and deed transfer documents.
- Respond to any Requests for Repair.
- Receive the signed copy of the Seller's Disclosure packet from the buyer.
- Receive the signed Contingency Removal form removing all contingencies from the buyer, on or before the contingency removal date.
- Review estimated closing costs and resolve any questions.
- Schedule the final walk-through date/time with the buyer.
- Hold the final walk-through with the buyer.
- Confirm the escrow company has everything it needs for closing escrow.
- Confirm with the escrow company escrow has closed.
- Confirm with your bank that seller proceeds were transferred to you from the escrow company.
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