Sellers have three options: agree to all of the buyers' requests, offer a modified solution back to the buyer, or decline to make any amends. Agreement to Use Escrow: The first step in the escrow process is for both the buyer and the seller to agree to use an escrow company to manage the transaction.Sellers in Virginia need to hire a title company or an escrow agent to close a sale. This guide will walk you through the ins and outs of selling a house in Virginia, making sure you don't get hit with any major surprises along the way. All taxes, assessments, interest, rent escrow deposits, and other ownership fees, if any, shall be prorated as of the date of settlement. I'd reach out to a real estate attorney to get recommendations on the services you will require (ie. Title company to use, escrow, etc.). The escrow company will record the new deed in the buyers' name at a local government office, and the home is officially the buyer's. If the Escrow Agent is a Virginia Real Estate Board ("VREB") licensee, the parties direct Escrow.
