3 Tips for a Smooth Escrow Process

When you sell a property, you can help yourself out in the escrow process by following these three steps.

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When you sell your house and get a ratified contract, taking these three steps will help you have a smooth escrow process:

1. Disclosures. As soon as the contract is ratified, the seller has to provide a certain amount of disclosures. The two most important ones that sellers should really take their time filling out are the seller supplemental checklist (which has to do with the seller's knowledge of all the items in the home) and the transfer disclosure statement, which outlines what is and isn't included in the property. Say you have a chandelier that's a family heirloom that won't be included with the house—you'd need to include that in the TDS.

2. Mortgage process. The appraisal is a big hurdle we need to get past. Typically, we want the appraisal to be at or above the purchase price so that the bank will approve the loan.

The title search ensures the property doesn't have any liens on it.

3. Closing. In the state of California, there are a lot of things we've got to make sure we pass clearly. The first item is the title search; we want to make sure we're up front and clear about any liens on the property or anything that would prevent us from giving a free and clear title to the buyer. Next comes title insurance, but if you work with our team, we take care of it ahead of time so you can be ahead of the curve. Then comes the funding part. About one or two days before the close of escrow, the bank will put the money into the escrow account, so you need to make sure this is done. Lastly, we have the final sign off. Schedule some time to sign off with the title team before you leave to celebrate selling your home.

If you have any questions about the escrow process or you're thinking about buying or selling a home in the Bay Area, give us a call or send us an email. We'd love to help you!