CONGRATULATIONS! Phyllis Harb & Co. has successfully negotiated the offer on your new home. The next 30-60 days (the exact length of time depends on what was negotiated in the Purchase Agreement) will be a flurry of activity, in which the team coordinating your purchase and you, will diligently work together towards a common goal—the transfer of title.
Now, that the offer is accepted, Phyllis Harb & Co. will “open escrow”. The escrow company is a neutral third party who will process the paperwork needed to complete the transfer of title. Escrow will prepare the Escrow Instructions for your approval which are basically a reiteration of the Purchase Agreement. Escrow will place your deposit into a Trust Account to be applied towards your down payment at close of escrow. Escrow works closely with you, your lender, the title company, Phyllis, Natalie and Lisa.
Escrow will forward to you for your review and approval, various documents which may include:
Preliminary Title Reports – Review carefully, if necessary, ask your Title Officer questions, or for copies of documents to show the exact location of any easements.
Termite Reports - Typically the seller pays for work that deals with current infestation (Section I). If desired, the buyer typically pays for work considered to be preventative (Section II). If this is a contingency of your transaction, the property will be certified to be free of active infestation prior to close of escrow.
Condominium Documents (CC&R’s, By-laws, Articles of Incorporation, Financial Statements, Budgets and minutes to Homeowner’s Associations Meetings) - Questions regarding condominium documents can usually be answered by your C.P.A., attorney, or in some instances, the President of the Homeowner’s Association.
It is important to sign, approve, or disapprove all paperwork within the time frames established in the Purchase Agreement. At this time, steps are taken to ensure that any other stipulated conditions (contingencies), will be met within the time frame set forth in the Purchase Agreement.