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Escrow: Once your offer is accepted

Escrow: Your offer is accepted

Escrow begins once the contract is agreed upon and signed by all parties and your earnest money is deposited with the escrow agency. The escrow agency is a neutral third party that will receive, hold, and ultimately distribute all funds associated with the transaction. [How escrow works.]

The escrow period is generally 30 to 45 days or more, but can be as little as 10 to 14 days on a cash purchase. As your Buyer’s Agent, I’ll open escrow and coordinate all the activities for you, and keep you advised of your role each step of the way. Here’s what you can expect to occur during the escrow period:

Loan Application

Prior to making an offer, you would have obtained a loan pre-qualification from your lender. Once your offer is accepted, it’s time to finalize your loan application and submit any outstanding documents required by your lender, such as tax returns, W2 forms, or other statements showing assets or liabilities. The seller’s agent will be following-up to ensure your loan application is completed as per the terms of the contract, and that you’ve met all your lender’s requirements to obtain financing.

Home Inspection & Due Diligence

In the first 10 days of escrow, you’ll be able to conduct a home inspection, checking structural and mechanical conditions, as well as for termites or other infestation. It’s recommended that you hire a state licensed home inspector, and I am happy to provide you a list of inspectors and make the necessary arrangements if you do not have a preferred inspector.

Your “due diligence” may also include reviewing or verifying permits for renovations, ensuring insurability of the property, whether flood insurance is required, verifying square footage, a separate septic tank inspection and certification if not connected to sewer, and a review of the governing documents of the Homeowner’s Association.

The purchase contract will provide a window of opportunity for you to “disapprove” of the property based on your findings, or in some cases, negotiate a resolution with the seller.

Appraisal

During escrow, your lender will order an appraisal to confirm the property’s value. Because appraisals cost the buyer between $500 and $800, it’s best to complete your homes inspections first so that you’re comfortable with the home you selected before authorizing your lender to order the appraisal.

Title Search

Also during escrow, a title agency will conduct a search to identify any mortgages, liens, taxes or assessments that must be settled by the Seller before the property can be sold and clear title issued to the buyer. The search will also identify any restrictions that affect to the use of the land, such as covenants or easements. If any issues arise as a result of the title search or appraisal, you’ll have the opportunity to re-negotiate terms of the purchase contract with the seller, or cancel the purchase entirely.

Additional Resources:

Arizona Buyer Advisory due diligence

Due Diligence

The Arizona Buyer Advisory serves as a great resource in performing due diligence on a property or neighborhood.
Read more.

The Home Inspection

Home Inspection

The home inspection is the best way to avoid unpleasant surprises before you buy.
Read more.

Real Estate Appraisal

Appraisal

Your lender will order an appraisal to determine the home’s fair market value.
Read more.

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"Russ had it “right” from our first meeting to evaluate the market and the sale of our home. His expert professionalism guided the entire process. Clear and frequent communication was very helpful. He is low key, yet very present when needed. We could not have had a better experience with a different Realtor!"
- Jack M., Quail Creek
"Great Experience! We purchased a home in Quail Creek last May – while living in Illinois. Russ was super communicative on every topic / question we had, efficient with the transaction overall and really knowledgeable about the community. Highly recommend!"
- Deb W., Quail Creek
"Great Experience, and Russ provided the “right” support when I needed it most. Russ knew the market well and was very responsive. He did a great job of staging, put together an exceptional photo portfolio and excelled at marketing the property. Very appreciative of the great effort and support he provided, and would definitely recommend him for others."
- Tony H., Quail Creek
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and Quail Creek resident. Whether you’re buying or selling a home in Quail Creek, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

This site is not affiliated with Robson Communities or the Quail Creek Country Club Property Owners Association.
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