Do You Really Own The Home You Just Purchased In Redwood City?
Who really owns the home you paid all that money on? Remember when your agent told you…”Your offer has been accepted”? What a great feeling that was and how sweet those words were to your ears. You now own your own home. You now have a piece of the pie! Or do you?
No you don’t. You have a ratified agreement with the seller, which says they will sell you their home at the price and terms you all had agreed to in the purchase agreement.
You had a set time, maybe 10 days to check the property for defects, 15 days for the bank to approve your loan so you could buy the home. It was called the escrow period and usually was about 30 days in length.
What about the home sellers?
During those 30 days the seller still owned the property and most of them still lived in the home. They had agreed in the purchase agreement to not encumber the property, nor commit waste upon the property, and to leave the home clean and free of debris at the close of escrow.
This period is known as the escrow period. This is when your escrow/title company searches all records to be sure they can give you “clear title” to the property. Additionally, they balance the pay off of the loans, taxes, insurance payments, and any other expenses, which may be on the deed.
Why does escrow take so long?
Once all the “clouds” on the title have been resolved the title company will issue title insurance, which protect both you and the bank from anyone laying claim to the property. BTW, the bank will need title insurance to protect their interest.
Now every cloud has been resolved and the balance sheet equals out you are ready to sign your closing papers. Both buyers and sellers must sign their own individual closing papers in front of a Notary. When done you have what is known as a completed escrow. No, you still don’t own the home yet!
The escrow papers are signed now what?
Usually, 24-48 hours later the title company goes to the County Recorder’s office and gives them the Grant Deed and Reconveyance Deed to the Recorder who in turn records them in the county records. This is known as the recordation of the deed. Once done you are the proud owners of your new home. Congratulations!
What should I do now?
There’s an easy 3-steps process to answer all your question you may have about the escrow process. With a time line of what happens and how it will affect you call or email Cliff Keith and Team today: 650-346-7366 or Cliff@SFBayHomes.com is the easiest way. So what do your do?
1.) Pull out your cell phone
2.) Look up my number (Hint: 650-346-7366)
3.) Call me immediately
Once we speak I will answer all your questions without any costs or obligations. You may also go to my website listed below and do a search for the subject you are looking for information on. When we speak I will answer your questions and use my 40+ years being a Realtor to give you the answers that is the true and in your best interest. Consider me as a real estate resource center that can bring the peace of mind you may be seeking.[Tweet “Who Really Owns The Home You Paid All That Money On?”]
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