Home buyers naturally get excited when a seller accepts their offer. As soon as the initial euphoria wears off, buyers then usually ask, "When can we close?"
If both buyer and seller want to close faster than the date specified in the Purchase Agreement, they can try, but the closing date is ultimately the mortgage lender’s call. The buyer, seller and escrow company cannot close a purchase or a refinance until the mortgage lender’s documents for the financing and the deed transfer.
While closing agents can differ depending on which state the property exists, there are also differences within the same state. California is a graphic example.
In southern California, escrow document signings are prepared and signed before closing, while they are executed in northern California at the closing. In either case, no closing can take place until all terms of the Purchase Agreement are met.
The parties must fulfill all conditions. The faster this is done, the faster the closing. Common conditions include the following items.
- Executed Purchase Agreements, along with addendums,
- Receipt of buyer earnest money,
- Home and pest inspection reports,
- Certified appraisal, from a lender-approved firm or person,
- Seller and buyer signed escrow instructions,
- Evidence of paid homeowners insurance, and
- Sign and notarized deed from the seller.
For more information and help, contact Brighton Escrow, serving Bay Area buyers, sellers and lenders since 1971. Brighton Escrow will work to expedite home closings for both buyers and sellers.