Escrow: Now What?
Congratulations, you are on your way to owning your very own home! Follow these suggestions (and your Realtors's advice) so that closing with go as smooth as possible.
You will be asked for a down payment on the home you are purchasing. You can choose to put down as much or as little as you want (depending on your mortgage), but remember, the more you put down toward the total price of your home, the more attractive your offer will be to the seller, the less time it will take you to pay off and the smaller your mortgage payments will be every month.
During this period of purchasing your home, you are going to need a title company to act as an independent third party so that you know when and who to give your money to get the deed to your new home. The title company will hold your deposit and coordinate much of the activity that goes on during this period. The good faith deposit may also be held by an attorney.
The deposit check will be cashed. Assuming the sale goes through, this money will be applied to the purchase price of the home. If for any reason the sale is not consummated, you may be entitled to receive all of your deposit back, less standard cancellation fees. In certain instances, the seller may be able to retain this money as liquidated damages. Prior to executing a purchase contract, it would be wise to speak with your counsel regarding whether or not it is your best interest to have a liquidated damages clause as part of the contract.
1. The period that you are "in escrow" is often 30 days, but may be longer or shorter. During this time, each item specified in the contract must be completed satisfactorily. By the time you have opened escrow, you have come to an agreement with the seller on the closing date and the contingencies. Each contract is different, but most include the following: 1. Inspection contingency: this should be completed as soon as possible after the contract to purchase is signed as unsatisfactory results of the inspection may mean that you will want to cancel the contract.
2. Financing contingency: Once the contract is signed, you have a period of time to secure funding. If, for any reason, you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to remove the contingency and take your chances on getting a loan. You may choose to cancel the purchase contract.
3. A requirement that the seller must provide marketable title. With an attorney or title officer, review the title report. The title must be "clear" to ensure that you do not have legal issues regarding your ownership. Check into local and state ordinances regarding property transfer and make sure that you and/or the seller have complied with them.
4. Secure homeowner's insurance. This will probably be required before you can close the sale. Due to such requirements as special fire and earthquake insurance, obtaining this insurance may require a lengthy period of time. It would be in your best interest to apply for insurance as soon as possible after the contract is signed.
5. Contact local utility companies to schedule to have service turned on when you close escrow.
6. Schedule the final walk-through inspection. At this time, you should make sure that the property is exactly as the contract says it should be. What you thought to be a "permanently attached" chandelier that would come with the property might have been removed by the seller and replaced with a different fixture entirely.
You've made it! Once the sale has closed, you're the proud owner of a new home. Congratulations!
Client Testimonial
"After looking back at the deal, the negotiations, home inspections, repair request list, helping communicate to lenders, getting us to closing on my dream home, I realized I could not have done this alone.My Realtor, MARCO MELLO became my best friend as he guided me every step of the way. He made sure as we moved forward that I was well informed and that I was in agreement with everything taking place. He truly was my best teammate and a great negotiator. He knew what was around the corner before we approached, anticipating every move and ready to counter professionally"
Yara Monteiro (5-Star Zillow Review)
"All I can say is WOW! We worked with Marco Mello and team to sell our house in Cresthaven, Pompano Beach FL. We chose Marco based on his expertise of our neighborhood and the type of house that is common there, as well as how well-prepared he was for our first meeting, where we came up with a plan together that not only included sale strategy, but how we would communicate throughout. From start to house sold (with money in the bank), took only about six weeks. Communication was excellent during the whole process which was great, especially as we had already moved away. I felt we were always up-to-date, and provided great guidance. We knew exactly what we had to do when and what to expect. Shout out to the title company as well, and accommodations everyone made for us to complete the process remotely. :) "
Penny Parks (5-Star Zillow Review)
"Marco was great, very easy to work with and to the point. He will guide you during the entire process. Very knowledgeable with the market and areas. Excellent customer service. Thank you so much!"
Nader Aouli (5-Star Zillow Review)
"We have worked with Marco twice now, as both buyer and seller. I would never work with another agent EVER. Marco is knowledgeable about the market and a very skilled negotiator. He is also extremely helpful in analyzing the assets and shortcomings of properties and helping his clients arrive at the decision that best suits their goals and needs. If you need a Real Estate agent you will be well served to use Marco."
Eric Bloom (5-Star Google Review)
"We would choose Marco again!! He was very efficient and knowledgeable. He went over and beyond for us. He went out of his way to make everything run smoothly".
Melisa Bloom (5-Star Zillow Review)
After looking back at the deal, the negotiations, home inspections, repair request list, helping communicate to lenders, getting us to closing on my dream home, I realized I could not have done this alone. My Realtor, MARCO MELLO became my best friend he guided me every step of the way. He made sure as we moved forward that I was well informed and that I was in agreement with everything taking place. He truly was my best teammate and a great negotiator. He knew what was around the corner before we approached anticipating every move and ready to counter professionally.
Yara Monteiro (5-Star Google Review)
"Marco listed and sold my house in Ft Lauderdale during my divorce and thru it all, he was neutral and never took sides. He was also very supportive, attentive and a good friend to us both, which was both appreciated and unexpected from a Realtor. He never pushed us and was incredibly patient and when we went under contract he skillfully guided us to closing, while avoiding a lot of “landmines” with everything that was happening with our divorce".
Larry Wolk (5-Star Zillow Review)
"Marco took me through all the steps in buying a home in the USA, Miami. As I am out of the country everything was new and he and his team were able to inform me and advise me of what possibilities I had. Being from out of the country, he assisted me with the entire process of purchasing my home and even after the purchase he helped me with the complete set up from buying furniture to setting the utilities and even little details without myself present. I found him extremely helpfull , honest, polite and responsible. I would strongly recomend him for all buyers and especially overseas buyers who will truly be satisfied and secure with his help."
Marina Odo (5-Star Zillow Review)
I have said it before and I will say it again, Marco is the most excellent realtor I have ever had the pleasure to work with. First of all he puts his clients interests above anything else. If you are selling or buying a property you will not find a more knowledgeable agent. He has sold two properties for us and both times he brokered a deal in the least possible time. He has helped us purchase a property and make sure we where not buying the wrong property nor paying too much for it. If you are either selling or buying a property and if you have Marco as your agent then rest assured you've got the best agent there is.
Darius Shafie (5-Star Zillow Review)
Marco was an excellent professional , I felt secure and confident with him which was fundamental in making my purchase ! As we were out of the country, We looked at various apartment on the Internet and he went and filmed the building and apartment which we thought were interesting !!! This helped a lot ! I recommend him , as well as the people he works with.
Sheryl Attewell (5-Star Zillow Review)
"Efficient , knowledgeable and trustworthy. Marco Mello carefully listened to what we wanted and with his extensive market knowledge, pointed us directly to our best options according to our goals and desires. It only took us one month to choose our best option, sign a purchase contract and close on our home. Marco was referred to us by a very trusted friend of ours who also purchased a property from him with similar results. Marco also introduced us to fantastic attorneys and accountants to properly guide us as foreign investors. Every day that goes by, we realize how fortunate we were with our choice of homes and Realtor! Knowing the right professionals with the proper market and procedure knowledge is the first step in making a great investment and Marco was that and more for us!"
Luciana Barros (5-Star Zillow Review)
"Marco goes above and beyond to help his clients. He does so much more than sell you a house that he becomes a friend you can count on years later whenever you have any needs. Extremely professional and detail-oriented".
Monica Senhorini (5-Star Zillow Review)
"We live in Ct and were considering purchasing a vacation home in the Pompano beach area. Fortunately for us we met Marco Mello. From day one Marco was so kind and helpful. He consistently communicated with us and kept us up to date with the current listings. Marco was very honest and transparent with us from day 1. After 2 trips down to Pompano he contacted me on the 4th of July about a condo in the exact area that we interested in, Because of Marcos deligence we were able to put an offer on the condo soon after it was listed. Marco was with us every step of the way when we came back down to view the property.He was very thorough and also showed us several other similar properties in the area so we could be assured that we were making the right decision. We never felt pressured one time and his professionalism always shined through. Because of Marco we were able to purchase our waterfront dream. He’s not only a great agent but a very sincere person! Thanks Marco!!"
Scott Skidmore (5-Star Zillow Review)
Marco goes above and beyond to help his clients. He does so much more than sell you a house that he becomes a friend you can count on years later whenever you have any needs. Extremely professional and detail-oriented.
Monica Seixas (5-Star Google Review)
I must say if there were more than 5 stars, these guys earned it. Thank you very very much for your time, effort, generosity, kindness, patience, empathy my husband and I want you to know we really appreciate you guys. Anyone out there looking to purchase, please trust me on this, these guys are the right person for the job, we are now homeowners in Margate Florida Thanks to them.
"Marco performed an excellent job, since the beginning helping to find the adequate house for my purpose, providing banking , attorney recommendations till the closing. I do recommend his and his team assistance".
Fabio Moraes (5-Star Zillow Review)
He was awesome! Went over and above what others had done! Explained everything. Highly recommend Marco Mello 10+++++++Verified by RateMyAgent
