| Once you have received one or more offers, you must decide whether to accept one |
| of these offers or make a counter-offer to one or a number of them. The counter- |
| offer process continues until either you or the buyer accepts the latest counter- |
| offer, in writing. At this point, you have what is called a “ratified deal” and are |
| ready to begin the escrow process. |
|
| During the escrow process, you and the buyer will be performing all the |
| requirements under the purchase contract. For example, the buyer’s responsibilities |
| would include arranging the actual loan for the purchase, getting a pest inspection |
| and a contractors inspection (if these have not already been completed), reviewing |
| disclosure documents and releasing contingencies, among other things. As seller, |
| you would be responsible for preparing and presenting various disclosures to the |
| buyer and making your home available for inspections and appraisal, among other |
| things. Your real estate professional should help you navigate through this involved |
| process, making sure all parties meet all critical deadlines and explaining each step |
| of the process to you. |
|
| The escrow process ends when all conditions to closing, as specified in the purchase |
| contracts and through joint instructions of the buyer and seller, have been |
| successfully completed. This includes loan funding and payment of any balance the |
| buyer has outstanding towards the down payment and closing costs and payment of |
| any balances you have outstanding to close escrow. Escrow closes when money is |
| successfully transferred to you from the buyer and the title officer records the sale in |
| county records. |
