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Seller Step 3 - Your House is in Escrow

Congratulations on the offer and opening a new escrow! Things might get overwhelming, but we at The Enriquez Group will surely help you make this a smooth transition. Watch this video to know what will take place in the coming days.

  • Escrow -  The deposit of instruments and/or funds with instructions with a third neutral party to carry out the provisions of an agreement or contract.

  • Disclosures - Legally binding documents in which the seller comes clean about any potential flaws and issues the buyer needs to know about.

  • Contingencies - Refers to a clause in a purchase agreement specifying an action or requirement that must be met for the contract to become legally binding.

  • Appraisal -  An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value.

  • SPQ - (Seller Property Questionnaire) The seller must disclose all known material facts, even if those facts relate to things that occurred in the past, including prior to the seller’s ownership of the property. The seller should answer the questions based on the seller’s actual knowledge, regardless of how much time has passed.

  • TDS - (Transfer Disclosure Statement) Itemizes everything that is being transferred with the property, and lets you know if they are working and in good condition. It also describes the condition of a property, along with any repairs that have been done to the property. In the case of a sale, this must be given to a prospective buyer as soon as practicable and before the transfer of title.

  • Home Inspection - Provide an opportunity for a buyer to identify any major issues with a home before closing. Your first clue that a home inspection is important is that it can be used as a contingency in your contract with the seller.

  • Request for Repairs - A document that lists the home buyer's repair needs before they buy the home. The buyer's agent sends this document to the seller's agent for consideration.

  • Referral - When you appreciate the professionalism and quality of work from a business and want to make sure that your Family and Friends receive the same top-tier service.

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