I thought I would take a moment to de-mystify the process of selling a home. The closing process or “process of escrow” is all of the steps that need to be taken to legally transfer ownership from one person/set of people to another. I often get the question from buyers “How long will it take before we can move in?” The answer to this question is important as clients need to coordinate around the actual move-in date and should understand exactly what needs to happen before they can move in. So here is a simple break down of what Escrow does during the closing process:
Mutual Agreement – first the buyer and seller must agree on the terms of sale.
Repairs – if the seller agreed to make repairs or alterations to the home, they must do so before closing.
Inspection – the home needs to be inspected by a professional to ensure everything is in tip-top shape.
Escrow Confirmation – the escrow office will confirm the terms of sale and distribute the funds. They will also give they keys to the new owner.
Move In! – once the sale has gone through escrow and keys have been delivered, it’s moving time!
The entire process usually takes 4-8 weeks. I hope this helps explain exactly what is happening during the closing of a sale!