Undertake Property Inspections
Buyers will almost certainly want to have independent, third-party professional inspections in connection with their offer to purchase your home. Standard inspections Include:
Unlocked will help schedule and facilitate these inspections from quality local inspectors. In the event that any additional specialist inspections are needed (e.g., foundation inspection, pool inspection, sewer lateral inspection, etc.), your Unlocked Agent can assist with those as well.
Order Third Party Disclosure Reports
In California, sellers are required by law to provide buyers with a number of reports and disclosures, such as:
Unlocked will work with third party vendors to order these reports, review them with you, and ensure they are made available to your buyer.
Assist with Completion of Seller Disclosures
Sellers are required to complete a variety of disclosure documents informing buyers of any facts or circumstances that may be material to buyers’ decision to purchase the home. From noisy neighbors to any knowledge of maintenance or repair issues required at the property, a wide variety of forms and disclosures must be completed and made available to prospective buyers.
Your Unlocked Agent will work closely with you to ensure that the numerous seller disclosure requirements are complete and correct.
Finalize Purchase and Sale Terms
The purchase and sale of a home is a complex transaction, and the contracts that govern the sale contain a variety of important terms and conditions. In addition to the purchase price, buyers and sellers will have to specify whether certain contingencies will apply to the sale, details regarding anticipated financing for the purchase, escrow timelines and anticipated closing date, and closing cost allocations, among many other terms.
Your Unlocked Agent will work to ensure that all terms of the transaction are clear, transparent, and agreed by the parties.
Complete Purchase Agreement
Once the transaction terms are agreed and finalized, your Unlocked Agent will ensure all terms are correctly documented in a standard Purchase and Sale Agreement. As a fully licensed brokerage and member of both the California Association of Realtors and National Association of Realtors, Unlocked is able to provide access to all necessary libraries of transaction contracts and related documentation.
Once the Purchase and Sale Agreement has been finalized, it can be signed electronically by all parties. Once signed, you will officially be in escrow for the sale of your home!
Once a contract has been signed for the purchase of your home, the period from signing until the transaction is officially closed is known as “the escrow period”. Your Unlocked Agent will work with a third party escrow and title agent to set up (or “open”) the escrow. The escrow agent will serve as an important partner as the parties work to ensure the sale transaction is completed as quickly and smoothly as possible.
A variety of important tasks must be completed during the escrow period, including:
Working with Buyer’s Lender
Your Unlocked Agent will ensure that the buyers’ lender is working diligently towards a smooth and on-time closing. Lenders will require an independent appraisal of the home, which your Unlocked Agent can help coordinate. Additionally, the lender and buyer will need to work together to ensure all closing conditions for the buyers’ loan are met in a timely manner, such as final verification of financial and employment information, the purchase of homeowners’ insurance, appraisal approval, and title review. Your Unlocked Agent will assist as needed with these important tasks.
Closing Escrow and Recording the Sale
Once the buyers’ loan has been approved and any other closing conditions have been met, final preparations for closing can begin. The escrow officer will arrange for sellers and buyers to sign and notarize the necessary closing documents, including the ‘Grant Deed’, which is official legal document that transfers ownership of the home from you to the buyers. When all conditions are met, the escrow and title company will file the Grant Deed in the county recorder’s office, which will mark the official closing of the transaction. Escrow will “close,” with the proceeds of the sale disbursed as applicable, and all parties will be notified that the transaction is complete!
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