Escrow, Inspections, & Appraisals

After an offer is accepted, the sale is not complete until closing and there is a lot that must be done to get to that day. These are the most common steps:

1. The buyer will likely need to secure a mortgage and loan. Different lenders have different requirements to be met, such as a property appraisal or a termite inspection. They will need to secure final approval of their financing.
2. The lender will likely also ask that escrows be established for taxes, insurance, or private mortgage insurance. You as the seller will need to pay the buyer for a prorated portion of the property taxes.
3. A property inspection is usually completed on the property. Any repairs needed will need to be addressed and resolved prior to closing in accordance with the sales contract.

A good real estate agent will have addressed many of the steps and expenses in the negotiations and sales contract. They will then represent and guide your through the transaction.