The Escrow Period - By Owner
7 Steps to Successfully Selling Your Home "By Owner"
Step 6: The Escrow Period
After you, the by owner seller, and your buyer have agree to the terms of your Purchase Agreement, you’re almost done with the by owner home selling process. But not quite... Remember as a by owner to remove ALL contingencies in writing as soon as possible. Contingencies are stipulations in the Purchase Agreement such as a "Whole House Home Inspection" or "Sale of Purchaser's Current Property". With a Whole House Home Inspection, the sale of the house is deemed to be contingent upon a safisfactory home inspection by the purchaser. If a contingency is not met for any reason, the contract may become null and void or cancellable. You will need to stay aware of the contingency deadlines in your contract and make sure that you remain in compliance with the terms of the contract up until the date of closing. Contingency removals should be made in writing to avoid any confusion. Standard by owner forms are available for the extension of or the removal of the most common contingencies .
Now is a good time to get in touch with your closing attorney, title or escrow company. Find out what's required of you as a by owner seller. Make sure the closing company has copies of the purchase contract and any addenda. It's helpful to keep a calendar or checklist for your property's settlement timeline. Make ticklers or reminders for upcoming contingency and other contract deadlines.. Check off when contingencies have been satisfied.
During the escrow period you will also want to obtain the required information, surveys, and reports and make appointments for the required inspections and/or repairs to be done in accordance with the conditions and time limits of your purchase agreement. (Preparing for your Home Inspection). You will need to coordinate with the buyer’s inspectors, appraisers and other vendors who may need access to your property. You and your real estate professional or attorney can discuss whether it might be a good idea to use a “Contingency Release” form for each contingency the buyer requests. This will ensure that agreement is made on all issues that might be cause for the buyer to back out of the deal. (Transaction Management).