The Home Purchase Process

Please note this is NOT "exactly" how your individual escrow will process, and is subject to your purchase contract's terms and conditions.

The following outline will help you understand and prepare for the home purchase process after your offer has been accepted by a home seller.

DURING THE FIRST WEEK
• You may be asked to sign escrow instructions but more likely you will sign paperwork approximately 5 working days from escrow closing date.
• You will be asked to make a formal loan application or provide proof of your ability to purchase the home without any additional financing along with proof of sufficient funds to close escrow.
• You will be asked to be available during the physical inspection of the property and attend it if possible. This is very important in order to understand the inspection report.
• Upon acceptance and escrow opened, your check will be deposited into escrow AND cashed.
• You will also need to IMMEDIATELY begin to arrange for your homeowners insurance. Please have insurance ON-LINE prior to your Financing Contingency Removal(It is also required to be in place prior to close of escrow by your lender.)

DURING THE FIRST TWO WEEKS (Subject to your Contract terms)
• The physical inspection will be conducted and you will be asked to be present during the inspection, review the report with your agent and make repair requests, if any, in writing to the seller.
• You will be asked to respond to the sellers response to your request for repairs.
• NOTE: YOU CANNOT REQUIRE THE SELLER TO MAKE REPAIRS. IF THE SELLER REFUSES TO MAKE THE REPAIRS THAT YOU HAVE REQUESTED, YOU MAY CANCEL THE ESCROW.
• You will be given various documents for your review from both your agent and from the escrow officer (including, the termite report; the Conditions, Covenants and Restrictions (CC & Rs) affecting the property; preliminary title reports, and other documents.) You must review these documents, and your approval or disapproval of them must be submitted in writing to the seller.
• Your lender will be requesting documents from you in the course of processing your loan. Be prepared to provide any supportive documentation requested by the lender promptly to assure the timely funding of your loan.

DURING THE FIRST THREE +/- WEEKS
• You may will be asked to sign escrow amendments, if any.
• You will be asked to sign contingency release forms, if any.

THE WEEK PRIOR TO CLOSE OF ESCROW
• You will be asked to do your final walk-through and to make sure the repair items that the seller agreed to do have been completed (If agreed too). (Keep in mind that occupied property may experience some reasonable wear and tear from you last visit to the property.)
• You must arrange to have the balance of your funds available at least 48+ hours prior to the escrow closing. (This would include the balance of your down-payment, and your closing costs. NOTE THAT THESE FUNDS MUST BE IN THE FORM OF A CASHIERS CHECK FROM A CALIFORNIA BANK OR SENT IN BY WIRE TRANSFER. A PERSONAL CHECK WILL USUALLY NOT BE ACCEPTED BY ESCROW. KEEP IN MIND THAT WIRE TRANSFERS MUST BE ORDERED IN THE MORNING IN ORDER FOR THE FUNDS TO BE RECEIVED BY ESCROW ON THE SAME DAY.)

ONE WEEK PRIOR TO CLOSE OF ESCROW
• You may be asked to sign any last minute escrow amendments, contract amendments, releases, etc.
• You will be asked to go to escrow to sign loan documents.
• (NOTE: All Buyers listed on the purchase agreement and escrow instructions will be required to sign all documents, AND a photo ID will be required.)
• In order to save "hook-up" fees, transfer all utilities (such as telephone, water, trash, gas, electric, etc.) into your name now. Also, remember to notify the Department of Motor Vehicles of your new address, change your voter registration, etc.

If you are a home buyer, be sure to click here for more information

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