Welcome, Tobin Watkinson!
|
Thank you for choosing Brokers Trust - Fitzburgh Realty Team!
We have created this private page in efforts to keep you better informed with the process. For your convenience, it includes your timeline as well as your personal calendar. This should help keep you updated with all that will take place in the upcoming days. You may view them below. Our goal is to make your experience the best it can be. Please feel free to contact us with any questions - we are happy to assist you! |
1461 South Cochran Avenue | Los Angeles, CA 90019
TRANSACTION TIMELINE:
DAY DESCRIPTION CONTRACTUAL DATE
-1 Offer Date Tuesday, 12/22/2015
0 Offer Acceptance Date Wednesday, 12/23/2015
3 Initial Deposit check due (deadline) Monday, 12/28/2015
7 Seller Disclosures to buyer (deadline) Wednesday, 12/30/2015
14 Buyer Investigation Contingency (expires) Wednesday, 01/06/2016
14 ALL Buyer Contingencies (expire) Wednesday, 01/06/2016
30 Close of Escrow date Friday, 01/22/2016
NOTES:
1) Your initial deposit is due into the escrow account today, Monday, 12/28. You mentioned that you will initiate the wire today for arrival into the escrow account, tomorrow, 12/29.
2) I have emailed the fully executed contract documents to your lender, Mark Cohen, and asked that he order the appraisal inspection ASAP. With 14-days for your contingency period, it is critical that your appraisal report is approved by the underwriter and you get your full loan approval within 14-days (by or before Wednesday, 01/06/2016).
3) Schedule any and all inspections. I have already scheduled inspectors for your general home inspection, termite and sewer inspections. We can wait & see what the general home inspections turns up and then please let us know if you would like us to schedule any other inspections on your behalf.
4) Obtain a homeowner's insurance quote. Do you have an insurance provider that you want to get a quote from? If you need any references we have some for you. This is a lender required item that needs to be taken care prior to close of escrow.
5) Review seller-disclosures and escrow documents. You will receive all sorts of reports and disclosures for your review and signatures.
6) Loan, loan, loan- work closely with Mark to get him any and all that is needed asap so that you will be able to get full loan approval before you remove your contingencies.
LOOKING AHEAD:
Below is what we anticipate will happen from here forward:
1) Seller disclosures and Buyer investigations: Seller will be delivering a number of disclosures for your review. Also, you will be conducting whatever Buyer investigations you feel are appropriate so that you have a good understanding of what the current "as-is" condition is for your new home. After you complete your investigations, you will have an opportunity to make requests of the Seller but the Seller has no obligation to grant your requests. After the Seller responds you can decide whether or not you agree to complete the purchase- as Brian mentioned to you - "you will never be forced to buy the home for more than you think it is worth after you have completed your investigations."
2) On or about the 14th day after acceptance (01/06/2016), you may be asked to remove all contingencies and commit to the purchase.
NOTE: if you decide to remove all contingencies in writing by signing a "contingency removal form" you may no longer have a contractual right to a return of your initial deposit if you do not complete the purchase by the COE date.
3) Loan doc signing - Before your loan can fund, you will have to sign loan docs, either with a notary at your place of choice, or at the escrow office.
4) At least three business days prior to COE, you will wire transfer the required funds to close (escrow will provide an exact number that will include the balance of your down payment as well as the closing costs that are the Buyer's responsibility).
5) Close of escrow- the grant deed will be recorded in your name. You don't get any paper whatsoever at that time. You will receive an official copy of the recorded grant deed in about a month after the COE date- the county clerk will mail it to the address you provide to escrow. "Close of Escrow" just means that the grant deed gets recorded in your name as the new owner on that date. There is absolutely nothing for you to do on the day of close of escrow.
DAY DESCRIPTION CONTRACTUAL DATE
-1 Offer Date Tuesday, 12/22/2015
0 Offer Acceptance Date Wednesday, 12/23/2015
3 Initial Deposit check due (deadline) Monday, 12/28/2015
7 Seller Disclosures to buyer (deadline) Wednesday, 12/30/2015
14 Buyer Investigation Contingency (expires) Wednesday, 01/06/2016
14 ALL Buyer Contingencies (expire) Wednesday, 01/06/2016
30 Close of Escrow date Friday, 01/22/2016
NOTES:
1) Your initial deposit is due into the escrow account today, Monday, 12/28. You mentioned that you will initiate the wire today for arrival into the escrow account, tomorrow, 12/29.
2) I have emailed the fully executed contract documents to your lender, Mark Cohen, and asked that he order the appraisal inspection ASAP. With 14-days for your contingency period, it is critical that your appraisal report is approved by the underwriter and you get your full loan approval within 14-days (by or before Wednesday, 01/06/2016).
3) Schedule any and all inspections. I have already scheduled inspectors for your general home inspection, termite and sewer inspections. We can wait & see what the general home inspections turns up and then please let us know if you would like us to schedule any other inspections on your behalf.
4) Obtain a homeowner's insurance quote. Do you have an insurance provider that you want to get a quote from? If you need any references we have some for you. This is a lender required item that needs to be taken care prior to close of escrow.
5) Review seller-disclosures and escrow documents. You will receive all sorts of reports and disclosures for your review and signatures.
6) Loan, loan, loan- work closely with Mark to get him any and all that is needed asap so that you will be able to get full loan approval before you remove your contingencies.
LOOKING AHEAD:
Below is what we anticipate will happen from here forward:
1) Seller disclosures and Buyer investigations: Seller will be delivering a number of disclosures for your review. Also, you will be conducting whatever Buyer investigations you feel are appropriate so that you have a good understanding of what the current "as-is" condition is for your new home. After you complete your investigations, you will have an opportunity to make requests of the Seller but the Seller has no obligation to grant your requests. After the Seller responds you can decide whether or not you agree to complete the purchase- as Brian mentioned to you - "you will never be forced to buy the home for more than you think it is worth after you have completed your investigations."
2) On or about the 14th day after acceptance (01/06/2016), you may be asked to remove all contingencies and commit to the purchase.
NOTE: if you decide to remove all contingencies in writing by signing a "contingency removal form" you may no longer have a contractual right to a return of your initial deposit if you do not complete the purchase by the COE date.
3) Loan doc signing - Before your loan can fund, you will have to sign loan docs, either with a notary at your place of choice, or at the escrow office.
4) At least three business days prior to COE, you will wire transfer the required funds to close (escrow will provide an exact number that will include the balance of your down payment as well as the closing costs that are the Buyer's responsibility).
5) Close of escrow- the grant deed will be recorded in your name. You don't get any paper whatsoever at that time. You will receive an official copy of the recorded grant deed in about a month after the COE date- the county clerk will mail it to the address you provide to escrow. "Close of Escrow" just means that the grant deed gets recorded in your name as the new owner on that date. There is absolutely nothing for you to do on the day of close of escrow.
Log Out
