Final Steps

Good news! All contingencies on your escrow have been released. This significant milestone dramatically increases the likelihood of closing—from approximately 80% to 97-98% in our local market. This increase is due to the buyer’s earnest money deposit now being at risk for liquidated damages should they cancel escrow.

This is the time to start planning for post-closing activities such as utility shutoff and scheduling movers, which we’ll cover in our next video. However, there are several time-sensitive tasks you need to address immediately:

  1. Ownership Transfer Paperwork: You need to sign the grant deed, which transfers ownership of the property. The escrow and title company will contact you to arrange a signing, either in their office or via a mobile notary at a convenient location if you’re out of town.
  2. Escrow and Title Paperwork: This packet, likely already in your possession, includes documents detailing the property’s ownership and transfer. These forms must be completed and returned promptly to ensure a smooth close of escrow.
  3. Transaction File Completion: Our real estate broker and the buyer’s agent’s broker require a complete transaction file. This file includes all signed documents necessary for closing. Ensuring no signatures are missing is critical for both your peace of mind and the buyer’s.

Meanwhile, the buyer also has responsibilities to fulfill:

  1. Loan Funding: If the buyer is financing the purchase, their loan must fund, with the bank sending the final funds to escrow.
  2. Down Payment and Cash Contributions: The buyer must also ensure that any remaining down payment or cash contributions are transferred to escrow, typically no later than the day before closing. In special cases, funding might occur the morning of closing, allowing for an afternoon close, but this is not guaranteed.

We will discuss the final details of moving and utility transfers in our next video. We look forward to guiding you through these closing stages.

How are we doing?

Our goal is to provide you a 5-star service at every step of the process. Would you take 1 minute to leave us a 5-star review?