Another option is to call your chosen title company and ask for a few copies of their escrow contract. I sold a house using that. Much simpler than a 12 page, small print real estate contract. I got 4 copies: two for me, two for the buyer. We ( me and the buyer) went over it together, and I had a clean one I could write on, they had one they could write on, and we took our good copy to the title co and signed.
I did add a few things to the title co contract, such as:
If the Purchaser defaults at closing, the escrow amount will be retained by the Seller as its sole remedy.
4: a. Close of Escrow shall occur when the deed is recorded at the ____ County Recorders office. Buyer and Seller shall comply with all terms and conditions of this Contract and Addendums, execute and deliver to Escrow Company all closing Documents and perform all other acts needed in time to allow COE to occur on or before (date), 1:00 PM.
b. If the Buyers need more time beyond (date) to close, there is a penalty of $ 100.00 per day.
5: Possession: Seller shall deliver possession and keys to Buyer when all moneys due are paid in full, which shall be on or before COE, (date), 1:00 PM.
6: Loan status Report (LSR): The LSR, with at the very least the Buyers’ loan information section completed, describing the current status of the Buyers’ proposed loan, is attached hereto and incorporated herein by reference. Buyer instructs the Lender to provide loan status updates to Title Company and Seller. Buyer shall sign all loan documents no later than 3 days prior to the Close of Escrow date. All costs for obtaining the loan shall be paid for by the Buyer.
7: Time is of the essence. All Inspections are to be completed within 5 calendar days of this addendum, including mortgage financing being arranged for the purchase of the Property.
8: PROPERTY CONDITIONS: Buyer accepts the Property in its present condition. On or before COE, Buyer warrants to Seller that Buyer has conducted all desired inspections and investigations and accepts the Premises as is. Buyer warrants that Buyer is not relying on any verbal representations concerning the Premises.
9: Buyer is liable for all taxes, insurance and Homeowners Association fees from the date of closing of this contract.
10: Seller is responsible for all taxes, insurance and Homeowner’s Association fees up to Close of Escrow.
11: Buyer warrants that the Buyer has disclosed to the Seller all information that may materially and adversely affect the Buyer’s ability to close escrow or complete the obligations of this Contract.
12: Changes: Buyer shall immediately notify the seller of any changes in the loan program, financing terms, or lender described in the LSR and shall only make and such changes without the prior written consent of the Seller if the changes do not adversely affect Buyer’s ability to obtain loan approval without conditions, increase Seller’s closing costs, or delay COE.
13: Verbal discussions will not extend these time periods. Only a written agreement signed by both parties will extend response times or cancellation rights
14: CLOSING: Closing shall be on or before (date), 1:00 PM.
One other item that I would now add is, if the buyer’s offer is a CASH offer, then he wants to change to financing, I would (consider raising the price a bit) and/or add that even if the financing does not go through, that the buyer is still reequired to buy at the original price. If cash, I would also get a proof of funde and a large non-refundable deposit.
If you are in any kind of hoa, consider having the buyer pay all hoa costs.
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