A Day in the Life of an Escrow: The Seller

*this is Part Two in a five-part series on the escrow process. Special thanks to Michael Mckeon for sharing his insights on this intricate process.

Earlier this month, I wrote about how the buyer navigates the escrow process when shopping for a new home, and I explained that the Buyer, Seller, Escrow Officer, Lender and Title Company each plays an essential role in a successful transaction. There is a lot of work that goes on when the ownership of a home changes hands — many professionals are completing important tasks behind the scenes! Here is how escrow is handled by the Seller:

⬀ Escrow will open once the Seller has accepted Buyer’s offer and initial good faith deposit.

⬀ The seller will then approve and sign escrow instructions, grant deed and will submit all necessary documents and information to Escrow holder in order to complete the transaction.

⬀ Per the terms of the Purchase Agreement, the Seller may order inspections such as Termite and Retrofit, if applicable, and will usually receive a clearance or a certificate for such inspections prior to the close of escrow.

⬀ The Seller then fulfills any additional requirements and conditions specified in the escrow instructions and approves payoff demands.

If you were a seller in a home transaction, and your escrow process “had a hiccup” or diverged in any way from the normal escrow path, please tell me about it in the comments. I’d love to hear your story!

Get More Los Angeles News In Your Inbox!

Never miss important Los Angeles real estate news or changing market conditions! Subscribe via RSS or email delivery!