Here we are in week one of escrow. Your escrow file has been opened and title ordered. What happens next? In the first week of escrow, here are the things that need to happen.
The buyer or their agent should:
- Transmit the deposit into escrow
- Send the purchase contract to their lender and order an appraisal
- Order a home inspection
The seller's primary job in week one is to:
- Be cooperative about the need for buyer and vendors to get into the home
- Order home owner association documents (if applicable)
- Order a termite inspection, or any other inspection the seller has agreed to perform
- Obtain and complette seller disclosures
The seller's disclosures are the most important thing you will do as a home seller, from a legal perspective. If there is a conflict down the road, both sides will resort to what is written. If you forget something that is asked in the disclosures, you place yourself at risk.
I am told the escrow companies will provide some of the mandated seller disclosures, but I would encourage you to use a transaction coordinator or other real estate professional who can provide you with a complete packet. These services can run between $350 - $500 -only you can decide if it's worth the money to be extra cautious about disclosures.
Your seller disclosures are the place to put every single detail about your home: past issues, how you fixed them, & any upgrades you did in the property. Here in California, there is an abundance of paperwork that asks everything from flying golf balls in your neighborhood, to mold, to earthquake strapping for your water heater.
There is only one way to be sued as a home seller, and that is by not disclosing ALL the fact.s. It's really simple - DISCLOSE, DISCLOSE, DISCLOSE.