Real Estate services in Contra Costa County and Alameda County
7. Reviewing and Negotiating Purchase Offers. An offer to purchase, a purchase agreement, is usually submitted to your real estate agent by fax or delivered documents. Your agent reviews all documents and then meets with you to explain the details of the offer. You then decide if it is acceptable as is or you want to make a counteroffer. More than one counteroffer may take place between you and the buyer. After you accept an offer, your agent will send this acceptance to the buyer’s agent who will open an Escrow with a Title Company (northern California) and then put the buyer’s deposit in it. Your agent will then deliver your disclosures to the buyer’s agent and buyer for them to review. The buyer can accept them as disclosed or take some other action, such as requesting more information or canceling the offer. There are time limits within the purchase agreement that need to be adhered to. These are defined as “time is of the essence” requirements. If time limits are not satisfied, delays can result and lead to cancellation of the purchase agreement. Most purchase agreements are contingent upon the buyer obtaining loan approval within a certain period of time.
8. Buyer Inspections. Within the purchase agreement are provisions for the buyer to have property inspections. These include a home inspection, a roof inspection, a pool inspection, and inspections that may be unique to your property. Following any inspection the buyer may request repairs to be done or decide not to go through with the purchase. Repairs are usually handled through the use of addendums and other documents.
9. Close of Escrow. Close of Escrow occurs after all contingencies are removed and documents between parties are signed. Both you and the buyer will sign final closing documents at the title company. The document process will be completed when title documents are recorded with the county. The title company will then issue you a check from the sale and you will turn over your house keys to the buyer.
The above steps serve only as a guide to the process of selling your home. Each listing of a home and sale of it is different both in requirements and complexity.
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