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."Escrow, closing, or settlement services" means the administrative and clerical services required to carry out the terms of contracts affecting real estate. The only monies held in escrow after it is sold are the monies your lender collects to pay future taxes and insurance. Typically, the escrow process in Northern Virginia takes about 30 to 60 days from start to completion. 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. We recently discussed the buyer's journey from contract to deed. In this post, we would like to focus on the seller's process. If the Escrow Agent does not receive a list of deficiencies within the specified time, Escrow Agent shall pay the deposit to the Seller within three days. These documents include the seller's closing disclosure, HUD1 settlement statement, truth in lending statement, and good faith estimate.
