Escrow: Now What?

Congratulations, you are on your way to owning your very own home! Follow these suggestions (and the advice of your Realtors ®) so that escrow and settlement will go as smooth as possible.

You will be asked for a down payment on the home you are purchasing. You can choose to put down as much or as little as you want (depending on your mortgage), but remember, the more you put down toward the total price of your home, the less time it will take you to pay off and the less your mortgage payments will be every month.

During this period of purchasing your home, you are going to need an escrow or settlement company to act as an independent third party so that you know when and who to give your money to get the deed to your new home. The escrow or settlement company will hold your deposit and coordinate much of the activity that goes on during the escrow period. This deposit check may also be held by an attorney or in the broker's trust account. Make sure that there are sufficient funds in your account to cover this check.

The deposit check will be cashed. Assuming the sale goes through, this money will be applied to the purchase price of the home. If for any reason the sale is not consummated, you may be entitled to receive all of your deposit back, less standard cancellation fees. In certain instances, the seller may be able to retain this money as liquidated damages. Prior to executing a purchase contract, it would be wise to speak with your counsel regarding whether or not it is your best interest to have a liquidated damages clause as part of the contract.

1. The period that you are "in escrow" is often 30 days, but may be longer or shorter. During this time, each item specified in the contract must be completed satisfactorily. By the time you have opened escrow, you have come to an agreement with the seller on the closing date and the contingencies. Each contract is different, but most include the following: 1. Inspection contingency: this should be completed as soon as possible after the contract to purchase is signed as unsatisfactory results of the inspection may mean that you will want to cancel the contract.
2. Financing contingency: Once the contract is signed, you have a period of time to secure funding. If, for any reason, you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to remove the contingency and take your chances on getting a loan. You may choose to cancel the purchase contract.
3. A requirement that the seller must provide marketable title. With an attorney or title officer, review the title report. The title must be "clear" to ensure that you do not have legal issues regarding your ownership. Check into local and state ordinances regarding property transfer and make sure that you and/or the seller have complied with them.
4. Secure homeowner's insurance. This will probably be required before you can close the sale. Due to such requirements as special fire and earthquake insurance, obtaining this insurance may require a lengthy period of time. It would be in your best interest to apply for insurance as soon as possible after the contract is signed.
5. Contact local utility companies to schedule to have service turned on when you close escrow.
6. Schedule the final walk-through inspection. At this time, you should make sure that the property is exactly as the contract says it should be. What you thought to be a "permanently attached" chandelier that would come with the property might have been removed by the seller and replaced with a different fixture entirely.

You've made it! Once the sale has closed, you're the proud owner of a new home. Congratulations!

See what our clients are saying:
Steve and his team are wonderful to work with. As out of state buyers we relied on Steve to be our local eyes and ears. He helped us find the perfect house and the perfect location for our family. He was professional, responsive and he exceeded our expectations every step of the way. Don't hesitate, call Steve today!
Dave G.
Steve is hands down the best realtor! He helped us find our dream forever home and we couldn’t be more grateful!! He goes above and beyond for his clients, is incredible with communication and makes the purchasing process as smooth as possible. Thank you Steve for everything!
Jenn S.
Rachel was a Godsend to us after arriving here in CA! She helped us find the perfect home for us, which was no easy feat. I wish I could give more stars because she deserves them all! Steve was so kind and checked in on us to make sure we were adjusting well, and that all of our questions were answered. The entire team is beyond kind and so patient. Thank you Beach Team! We will absolutely be using them again, if -needed, and be recommending to everyone in the area that we know.
Breanna F.
We have done several transactions, both buying and selling, with Steve and the Beach Team and cannot speak highly enough… the communication, attention to detail, knowledge of the market and expert negotiation/strategy!! We recommend Steve to every person who asks for a real estate referral. We are grateful for Steve’s knowledge and expertise in helping us with our family home!
Maddie H.
Absolutely the best service and care you could hope for! Steve and his colleagues in Long Beach went above and beyond our wildest expectations. We were truly delighted to have been represented by such a professional, attentive and considerate team.
Brilliant, Fantastic and Awesome!
Ray E.
When we first met Steve, we knew he was the man for the job. Steve jumped on board right away helping us put our house on the market. He then brought in his associate Rachel, to assist us in relocating to another place. Rachel reliable and sweet and made us very comfortable. After our opening weekend, we received many offers and with Steve’s help, the house sold. I would highly recommend The Beach Team. Steve is a great negotiator too!
Richard G.
This team is on top of it. I want to specifically point out our amazing agent - Steve Nader. He was integral in making our first home buying experience a seamless and successful one. Not only did he help us beat out 18 offers but he also helped us negotiate the price of the house down and saved us $33,000 dollars!!! We felt truly taken care of and knew we were in good hands. His rapport-building and negotiation skills are game changers! Thank you so much Steve - our new home literally checked the box for many of our requirements and preferences. You made our dreams come true in this extremely competitive landscape. Not only did we get the house that we wanted but we also got it within the budget we had proposed. This is our first home and am so grateful we had the support of the Beach team by our side.
Stephanie M.
It’s great to work with Steve and team, attention to detail and making the sell process stress free. I am looking forward to our purchase next, not the first time using Steve and team for many reasons. Highly recommended. Thank you!!
Gonzalo C.
Steve recently helped us close on our first investment property, but I met Steve two years before that. Even though I wasn’t quite ready to make the plunge yet, I found Steve to be very knowledgeable and knew I wanted to use him when I decided to buy. Once we identified a property Steve moved quickly and was not only a strong client advocate, but was also able to develop strong rapport with the listing agent to really steer the transaction our way. Bottom line, Steve is a great resource and his team of veterans were professionals throughout the process. I have referred him to friends and would not hesitate doing so again. Give Steve a call!
Timothy L.
Steve was working tirelessly for us from start to finish. We are impressed with the Beach team with Steve at it's helm. Every step of the way Steve and the team were engaged. We asked him to be an aggressive agent on our behalf and Steve showed up and then some. He got us our dream home right before Christmas in the middle of lockdowns. He was Santa for our family and a hero who helped make our dreams come true.
Kristin C.
It’s always wonderful when a team has your back! Steve Nader has his team made it so easy. This team will keep you on track and doing what needs to be done to sell and buy your new home. Our family was wowed and well taken care of! Highly recommend!
Kelly P.
Working with Steve was seamless - beginning to end. His responsiveness and availability (even during his vacation!) sets him apart. Great home. Wonderful neighborhood. Happy buyers. Five Stars all the way. Thanks Steve!
Lee B.
We have no hesitation to give Steve Nader and the entire Beach Team a 5 Star review! We’d give 10 if we could. We both purchased and sold our house through them and both transactions were incredibly smooth. We appreciated their transparency in communication and we always knew they had our best interest in mind. The listing marketing was top notch and the organization along the way was stellar. Thank you!
Jaime S.
The experience working with Rachel Rivera and the Beach Team was excellent. It was my first home purchase and they helped me every step of the way. I’m very grateful to have found Rachel. When I first met her, I had a daunting request — told her I wanted a condo with floor to ceiling windows and an ocean view. We looked near and far and just like magic she pulled off the almost - impossible and got me my dream condo. She was always responsive and constantly kept me in the loop, so there were no mysteries and ultimately the process could not have gone smoother. I highly recommend Rachel and look forward to working with her again on my second home purchase. Many thanks to Rachel & Team!
Iulia V.
Steve went above and beyond for us! We were able to find our dream home and close in less than 3 weeks! We enjoyed every part of working with Beach Team- we could not have done it without them! Thank you for everything!!!
Catrina M.
Rachel Rivera at Beach Team helped me locate a property within a couple of weeks. Competing against multiple offers, she was able ultimately to secure the property for me. It was a smooth escrow and everything worked out well.
James W.
Steve and his team were nothing short of amazing. He not only sold our home, but he also found us a new one that exceeded our expectations. From prelisting prep, to marketing, and close his team had such a high level of communication that we felt there was nothing to worry about. Thank you Steve Nader and Beach Team.
Seth D.
Best real estate agency in Long Beach. Pleasure to work with. Rachel went above and beyond.

Thank you!
Geoff C.