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You will be asked for a check which will be deposited into escrow. The escrow period is usually 30 days, during which time all of the contractual obligations must be completed. Depending on the contract, you may be refunded all of the money, less fees, if the sale is not completed.
Every contract is different, but there are certain elements that should be present.
- A provision for contingency of the home inspection
- A provision for the buyer to find financing
- A provision for seller to provide the title
Make sure that you go over the title and local laws regarding property transfer with an attorney to make sure that there are no hidden issues with the sale.
While in escrow, start getting together all of the information you will need to contact utlities and insurance companies. Once the escrow period has passed and all of the contractual obligations have been handled satisfactorily, the money in escrow will be applied to the purchase price and you are the owner of a new home.
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