What is Escrow?
Escrow begins when your earnest money deposit and purchase offer is accepted by the seller. Escrow ends when you become the official new owner, registered in the county records.
Title Company and Escrow Holder:
In Florida, Cost of the closing is negotiable, the buyer or the seller selects the title company and escrow holder, if they are paying for the costs. The title company will research the complete recorded history of the property, to make sure that the title is free and clear of all encumbrances by the date of closing and that all new encumbrances are properly added to the title.
Contingencies:
Most purchase agreements provide the buyer with specific amounts of time to inspect the property, review the preliminary title report and all disclosure documents and obtain financing and insurance before they must actually complete their purchase of the property. At the successful conclusion of each of these milestones, the buyer will remove that contingency of their purchase and move one step closer to the close. Or, the buyer may use information they have learned to request a renegotiation of the terms of the contract (often the price). This is when an objective, experienced listing agent can really make a difference by helping you make an informed decision on how to respond to the buyer.
Inspections:
The buyer has the right to have a wide variety of property inspections to determine the property's condition and the cost of any impending repairs or upgrades. Inspections may include roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, mold... You are entitled to a copy of any of their inspection reports. Appraisal and Loan Approval:
Homesearch recommend accepting offers from buyers who have a lender's pre-approval letter, which is stronger than a pre-qualification letter. Later, the lender will send an appraiser out to the property, to ensure the property is worth the sales price.
Time to Start Packing:
Homesearch can recommend when it is time for you to start packing, based on our vast experience with transactions similar to yours. Too soon, and you risk having your house in upheaval right when a buyers' offer falls apart or when we need to begin showing your home to prospective buyers again.