Just Sold Your Home? 4 Things You Should be Doing While the Sale is in Escrow

Real estate transactions are a long and complex process, which is understandable given the amount of money required to purchase a property from a homeowner. Even after all contingencies are met, inspections passed, and the paperwork finalized, the process isn’t quite finished.

The sale remains in escrow until the funds to buy the property are fully processed from the lender. This takes an average of 50 days, so the closing process isn’t finished overnight as the sale remains in escrow until the loan is made available by the lender, so the buyer still has some things that they should be doing until the sale officially closes.

Here are 4 things that you should be doing while the sale is in escrow:

Make Repairs

Any repairs you’ve agreed to complete must be done during these final stages of escrow. This only happens once the buyer contingencies are to protect the seller.

After all, repairs cost money, so by waiting until all contingencies are removed, the seller ensures that they are entitled to earnest deposit should the buyer fall out of escrow after clearing contingencies, which would cover all repair costs and avoid them being out of pocket if the deal fell through.

As these repairs are already agreed, you’ll know exactly what needs to be completed and the deadline for completion.

Determine if You Have Additional Requirements

Some states may have some additional requirements for the seller before they can transfer the title deed to a buyer. For example, certain states require certification for carbon monoxide detectors or extra inspections for things like septic systems.

Always clarify with your estate agent or attorney whether there are any requirements for the seller during the closing process that you may not be aware of, especially if you’ve sold property in another state or municipality.

Clean and Prepare for the Final Walkthrough

There is an expectation that the seller leaves the home in good standing before handing over the keys. This should be completed for the closing date itself, with the expectation being that you leave the house as clean as you would want it to be.

Don’t skimp on this step and make sure that you have it ready for the final walkthrough, which is one of the last steps of escrow. Here, the buyer takes a final walkthrough to inspect the property and make sure everything is in the right condition and all agreed upon repairs are completed.

You probably won’t need to be here during the walkthrough but should prepare your home by cleaning it and ensuring all repairs are completed.

Start Vacating the Property

It’s easy to overlook the fact you need to clear out of the property before the final closing date, unless you have an agreement with the buyer to move out at a later date. In any case, start rearing to have your personal belongings removed and know what’s being left behind (e.g. appliances).

Gather up the various manuals and warranties for any devices and appliances being left behind (e.g. home security systems, HVAC systems) and leave them on a counter or table for the buyer. Finally, ensure all keys for the doors, garage, mailbox etc are ready to be handed over on the day you leave!

Inland Empire Escrow  provides escrow services for a diverse variety of real estate transactions.  With offices in Chino CA and San Bernardino CA, we quickly and professionally service all the surrounding cities such as Chino Hills, Ontario, Rancho Cucamonga, Upland, Riverside, Redlands, Colton, Grand Terrace, Yucaipa, and more.  To hear more about our escrow services for residential, mobile home, short sale, REO, bulk/business sale, 1031 Exchange, or agricultural escrow, contact us today at (800) 917-9387.