Welcome, Anthony De Santis!
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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! |
3608 GRIFFIN AVE. | LOS ANGELES CA 90031
TRANSACTION TIMELINE:
DAY DESCRIPTION CONTRACTUAL DATE
Offer Date Friday, 10/17/2015
0 Offer Acceptance Date Thursday, 10/29/2015
3 Initial Deposit due (deadline) Tuesday, 11/03/2015
7 Seller Disclosures to buyer (deadline) Thursday, 11/05/2015
7 ALL Buyer Contingencies (expire) Thursday, 11/05/2015
21 Close of Escrow date Thursday, 11/19/3015
NOTES:
1) The Buyer's initial deposit check is due in the escrow account on Tuesday, 11/03/15.
2) You have already e-signed the contract documents.
3) We will submit all Seller-disclosures to the Buyer.
4) The Buyer will conduct inspections during the 7 day Buyer Investigation period.
NOTE: The general inspection is scheduled for Monday starting at 4pm and will probably last about 2-3 hours total. The sewer inspection is scheduled for Monday at 3:30pm. Please confirm that tenants will be notified and that your property management company will be present to grant access to the inspectors.
LOOKING AHEAD - BELOW IS A BRIEF OUTLINE OF WHAT COMES NEXT:
1) Seller disclosures and Buyer investigations:
We will deliver a number of Seller disclosures for the Buyer's review. The Buyer will be conducting whatever investigations the Buyer feels are appropriate to gain a good understanding of what the current "as-is" condition is for the income property. After Buyer completes investigations, Buyer will have an opportunity to make requests of you, the Seller but you have no obligation to respond to Buyer's request(s) and no obligation to grant those request(s). After you respond (or don't) Buyer can decide whether or not to complete the purchase - you, the Seller will never be forced to sell the property for less than the contract price of $655k.
2) Buyer's removal of all contingencies:
On or about the 7th day (11/05/2015), we will ask the Buyer to remove all contingencies and commit to the purchase. If Buyer does not wish to continue with the purchase, Buyer can cancel and retain a contractual right to a return of the initial deposit. If Buyer wishes to continue with the transaction, Buyer will deliver a "Contingency Removal" form that removes all contingencies and after removing all contingencies, Buyer may no longer have a contractual right to the return of the initial deposit money if Buyer does not complete the purchase by the COE (close of escrow) date.
After the Buyer has removed all contingencies, you, the Seller should take care of the following if not already taken care of:
A) Sign and notarize the grant deed. Escrow will often provide notary services for a nominal fee (sometime free of charge) but if it is more convenient, you can go to a public notary and mail the notarized document to the escrow company. NOTE: Don't forget your driver's license or passport for ID to the notary.
B) Complete all escrow opening package documents. NOTE: Some escrow documents only require your signatures, while others need to be completed, signed and sometimes even notarized. We will forward you all of the necessary escrow documents and vice versa. There is no need for you to be in direct contact with escrow, as we are your "middle-man."
3) Buyer's Final Walk-through & Verification of Property Condition:
The Buyer will make an appointment to conduct the final walk-though within 5 days of the close of escrow to make sure that the property is in the same condition as it was on the date the offer was accepted and to verify that any and all agreed-upon repairs have been completed. After the Buyer conducts the final walk-through, we will send you a PDF of the Buyer-signed "Verification of Property Condition" for your review and signature.
4) Buyer's Closing Funds:
Approximately three business days prior to COE, Buyer will wire transfer the required funds to close.
5) Close of Escrow:
"Close of Escrow" just means that the grant deed gets recorded in the Buyer's name as the new owner on that date. There is absolutely nothing for you to do on the day of close of escrow. As soon as we receive news that the grant deed has been recorded, we will contact you to let you know.
NOTE: the scheduled Close of Escrow date can sometimes change- it is strongly advised not to make any plans the rely on the scheduled escrow date to remain fixed. It is not recommended to schedule movers or give notice to your landlord if a change to the escrow date would cause problems for you or cost you money to re-schedule. I realize, Anthony, that in your case the above doesn't really apply but just be aware that the COE date is a goal but subject to change for any number of reasons.
6) Seller's Proceeds from Sale (i.e.- your money $$):
On the day of close of escrow, your file will be closed out and your proceeds will be delivered by the method that you specify in the escrow opening package documents. You may receive your proceeds on the day of close or it might be the following business day- depending on the actual time of day that the grant deed gets recorded.
DAY DESCRIPTION CONTRACTUAL DATE
Offer Date Friday, 10/17/2015
0 Offer Acceptance Date Thursday, 10/29/2015
3 Initial Deposit due (deadline) Tuesday, 11/03/2015
7 Seller Disclosures to buyer (deadline) Thursday, 11/05/2015
7 ALL Buyer Contingencies (expire) Thursday, 11/05/2015
21 Close of Escrow date Thursday, 11/19/3015
NOTES:
1) The Buyer's initial deposit check is due in the escrow account on Tuesday, 11/03/15.
2) You have already e-signed the contract documents.
3) We will submit all Seller-disclosures to the Buyer.
4) The Buyer will conduct inspections during the 7 day Buyer Investigation period.
NOTE: The general inspection is scheduled for Monday starting at 4pm and will probably last about 2-3 hours total. The sewer inspection is scheduled for Monday at 3:30pm. Please confirm that tenants will be notified and that your property management company will be present to grant access to the inspectors.
LOOKING AHEAD - BELOW IS A BRIEF OUTLINE OF WHAT COMES NEXT:
1) Seller disclosures and Buyer investigations:
We will deliver a number of Seller disclosures for the Buyer's review. The Buyer will be conducting whatever investigations the Buyer feels are appropriate to gain a good understanding of what the current "as-is" condition is for the income property. After Buyer completes investigations, Buyer will have an opportunity to make requests of you, the Seller but you have no obligation to respond to Buyer's request(s) and no obligation to grant those request(s). After you respond (or don't) Buyer can decide whether or not to complete the purchase - you, the Seller will never be forced to sell the property for less than the contract price of $655k.
2) Buyer's removal of all contingencies:
On or about the 7th day (11/05/2015), we will ask the Buyer to remove all contingencies and commit to the purchase. If Buyer does not wish to continue with the purchase, Buyer can cancel and retain a contractual right to a return of the initial deposit. If Buyer wishes to continue with the transaction, Buyer will deliver a "Contingency Removal" form that removes all contingencies and after removing all contingencies, Buyer may no longer have a contractual right to the return of the initial deposit money if Buyer does not complete the purchase by the COE (close of escrow) date.
After the Buyer has removed all contingencies, you, the Seller should take care of the following if not already taken care of:
A) Sign and notarize the grant deed. Escrow will often provide notary services for a nominal fee (sometime free of charge) but if it is more convenient, you can go to a public notary and mail the notarized document to the escrow company. NOTE: Don't forget your driver's license or passport for ID to the notary.
B) Complete all escrow opening package documents. NOTE: Some escrow documents only require your signatures, while others need to be completed, signed and sometimes even notarized. We will forward you all of the necessary escrow documents and vice versa. There is no need for you to be in direct contact with escrow, as we are your "middle-man."
3) Buyer's Final Walk-through & Verification of Property Condition:
The Buyer will make an appointment to conduct the final walk-though within 5 days of the close of escrow to make sure that the property is in the same condition as it was on the date the offer was accepted and to verify that any and all agreed-upon repairs have been completed. After the Buyer conducts the final walk-through, we will send you a PDF of the Buyer-signed "Verification of Property Condition" for your review and signature.
4) Buyer's Closing Funds:
Approximately three business days prior to COE, Buyer will wire transfer the required funds to close.
5) Close of Escrow:
"Close of Escrow" just means that the grant deed gets recorded in the Buyer's name as the new owner on that date. There is absolutely nothing for you to do on the day of close of escrow. As soon as we receive news that the grant deed has been recorded, we will contact you to let you know.
NOTE: the scheduled Close of Escrow date can sometimes change- it is strongly advised not to make any plans the rely on the scheduled escrow date to remain fixed. It is not recommended to schedule movers or give notice to your landlord if a change to the escrow date would cause problems for you or cost you money to re-schedule. I realize, Anthony, that in your case the above doesn't really apply but just be aware that the COE date is a goal but subject to change for any number of reasons.
6) Seller's Proceeds from Sale (i.e.- your money $$):
On the day of close of escrow, your file will be closed out and your proceeds will be delivered by the method that you specify in the escrow opening package documents. You may receive your proceeds on the day of close or it might be the following business day- depending on the actual time of day that the grant deed gets recorded.
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