Neighborhood Escrow Blog

A Simplified Escrow Checklist for Home Sellers

Navigating the process of selling a house may not be straightforward, but it doesn’t have to be daunting. Even after you’ve accepted a buyer’s offer, several steps are still needed, but we’ve got you covered. Below you’ll find a rundown of what needs to be done prior to entering escrow, and a checklist for the period you are in escrow. For further inquiries, don’t hesitate to reach out to Neighborhood Escrow at 310-378-2456.

Actions to Take Prior to Entering Escrow

Before diving into the escrow process, it’s essential to take a few steps. Initially, scrutinize all the available offers. Bear in mind, the proposed price might not be the sole determinant – other factors like whether the buyer has pre-approval, their ability to make a cash payment, among others, could also be influential. Assess all the terms and choose the one that aligns best with your interests, then proceed to accept the offer from the ideal buyer.

An Easy-to-Use Escrow Checklist for Home Sellers in California

The following are tasks you’ll need to carry out during the escrow period. However, keep in mind that not all these points may apply to your specific situation and this list isn’t exhaustive. Moreover, always heed the advice of your designated escrow officer since they’ll be acquainted with the specific details of your transaction.

1. Confirm the escrow company has received the purchase offer.
2. Make sure the escrow company has the earnest money deposit.
3. Obtain a prequalification letter from the prospective buyer.
4. Acquire proof from the buyer that they possess sufficient funds to close the deal.
5. Review all instructions given by the escrow company.
6. Communicate with the escrow company to resolve any ambiguities.
7. Complete your sellers disclosure packet and share it with the buyer or their representative.
8. Ensure that the escrow company possesses the title report, HOA documents, and any other required documentation.
9. Confirm that the buyer has arranged for the appraisal, ensuring the removal of the appraisal contingency.
10. Check that the loan is progressing as planned.
11. Coordinate with the buyer to arrange inspections.
12. Fill out any necessary paperwork as requested by the escrow company.
13. Respond to buyers’ requests for repair following the inspection results.
14. Ensure you possess the signed copy of the Seller’s Disclosure from the buyer.
15. Review estimated closing costs and ensure they are understood and accurate.
16. Arrange and conduct the final walk-through with the buyer.
17. Verify that everything is set with the escrow company.

Your real estate agent or escrow officer will handle many of these steps. Nevertheless, it’s useful to understand the required procedures. If you have further questions or need more information, feel free to contact Neighborhood Escrow at 310-378-2456.