Once you’ve reached “mutual acceptance” on the terms of the purchase contract, there are a lot of things that will start to happen…
First, the contract and the earnest money will be deposited with the escrow company. If there is a loan involved, the buyer will also be working with their lender to complete their loan application and “lock in” their interest rate for the loan. The appraisal will also be ordered.
Next we’ll schedule an inspection for the home which typically also includes inspections for termites, the roof, the pool, and anything else the buyer wishes to have professionally inspected. The Seller’s Property Disclosure Statement will be provided for the buyer to review and sign along with the property insurance claims history.
Once the inspection happens, while still in the inspection period, the buyer may provide the seller with a request to repair items found in the inspection. The title commitment and any CC&R’s or HOA disclosures will also be given to the buyer.
The seller will schedule the end of their use of utilities to the house for the close-of-escrow day and the buyer will schedule them to begin that same day. The utilities typically remain on the entire time. The buyer will also obtain homeowner's insurance for the property.
The buyer and seller will (separately) go to the escrow office to sign their documents. Once the documents are all signed, if there is a loan the lender will send the funds and once that’s complete, the documents will be recorded with the county. The escrow company will distribute all the funds to the appropriate places and…
...the buyer gets the keys to their new home!