After The Offer is Accepted

CONGRATULATIONS! Harb & Co. has successfully negotiated the offer on your new home. The next 30-60 days (the exact length depends on what was negotiated in the Purchase Agreement) will be a flurry of activity. The team coordinating your purchase and you will diligently work together towards a common goal—the transfer of title. Consequently, here’s what to expect after the offer is accepted:

We will “open escrow.” The escrow company is a neutral third party that will process the paperwork needed to complete the transfer of title. Escrow will prepare the Escrow Instructions for your approval. They are a reiteration of the Purchase Agreement. In addition, they will place your deposit into a Trust Account for your down payment. Escrow will forward to you for your review and approval various documents, which may include:

• Preliminary Title Reports – Review carefully. If necessary, ask your Title Officer questions or for copies of documents to show the exact location of any easements.
• Termite Reports – on II). If this is a contingency of your transaction, the property will be certified to be free of active infestation before closing escrow.
• Condominium Documents (CC&R’s, By-laws, Articles of Incorporation, Financial Statements, Budgets, and minutes to Homeowner’s Associations Meetings) –  Your C.P.A., attorney, or in some instances, the President of the Homeowner’s Association can usually answer questions regarding condominium documents

Indeed, after the offer is accepted, it is important to sign, approve, or disapprove all paperwork within the time frames established in the Purchase Agreement. At this time, steps are taken to ensure that any other stipulated conditions (contingencies) will be met within the time frame outlined in the Purchase Agreement.

Click here to learn: What to expect during the inspection process

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