Opening Escrow

6/28/14 - It is very important to only open escrow AFTER all terms of the transaction have been agreed upon by Seller and Buyer.

Whether working with a Real Estate Agent or the Sale is negotiated directly with the Owner, often referred to as a For Sale by Owner (FSBO), it is very important to discuss and agree upon all terms before opening escrow, specifically so Seller and Buyer will not have to negotiate on additional matters after they have signed escrow instructions.

It is important to understand that escrow instructions are a legal binding agreement which can only be changed or amended if the Seller and Buyer both agree on the exact changes. Avoiding disagreements is very important. Doing so will help close your deal as planned, so everyone wins!

Obviously there are times further negotiation cannot be avoided, due to perhaps something unexpected, though once again always best to make every effort to anticipate as much as possible ahead of time and use the Agreement to fall back on.

TIP. Before signing a Purchase Contract, Agreement or Escrow Instructions go over the documents with your Real Estate Agent, Lawyer or Escrow Officer. While your Escrow Officer cannot give you legal advice, they very well may notice a problem in your Agreement which they can bring to your attention and give you the chance to talk about it with the other party before you sign Agreements to open escrow and obligate yourself to the legal and financial commitment called for.

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