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Seller Representation: Escrow Process Guide

Congrats on taking a new listing! Use the guide below to navigate the escrow process smoothly and ensure everything is in order for a successful closing. Follow these steps while staying in close contact with your client and your escrow officer.

Important Key Dates

Here are the important dates you and your buyer should be aware of. It’s a good idea to send these dates to your seller after opening escrow. 

Before sending, ALWAYS check the actual day allowances in your contract. These are the default dates, but sometimes dates may be different per the terms of the contract.

  • Acceptance Date (Day 0) – The date the last signature is made on the RPA or counter.
  • EMD Due – No later than 5pm on the 3rd business day from acceptance.
  • Disclosures Due – Within 7 days after acceptance.
  • Inspection Period Ends – 17 days after acceptance (unless altered in the RPA).
  • Contingency Removal – Inspection and loan contingencies must be removed by Day 17 (unless altered in the RPA).
  • Final Walk-Through – Within 5 days of closing.
  • Close of Escrow – As per the date on the contract.

Convert Skyslope Listing to Pending

Once you’ve received a fully executed RPA package, including any counter offers, you need to update your Skyslope file within three calendar days of contract acceptance.

In Skyslope, click on your current listing file and select “contract accepted.” This will automatically update the MLS status to pending. It’s also a good idea to send an email to listings@realtyconcepts.com to confirm the change.

Important Reminders:

  • If the seller is a Trust, LLC, or S-Corp, make sure the RCSD box is marked.
  • If there are counters, make sure the “subject to counter” boxes are checked.
  • The acceptance date is the last signature/date.

Open Escrow

After you’ve got the fully executed RPA, it’s time to open escrow. Typically, the listing agent opens escrow, unless the seller prefers otherwise. 

If you’ll be opening escrow, send an email to your escrow officer with the signed RPA (and any counters). You can CC the buyer’s agent or lender if you want, or simply provide their contact information to the escrow officer.

It may be a good idea to pre-open escrow once the listing agreement is signed, if the seller agrees. This allows the Escrow Preliminary Report to be generated and reviewed by the seller to make sure there aren’t any issues with title. There is no cost to pre-opening escrow. If you have questions about how to do so, please reach out to your Sales Manager.

Include the commission instructions (Broker Demands to be signed by a file auditor) and let the escrow officer know if they should order the Natural Hazard Disclosure (NHD). Typically, the NHD is automatically ordered from SNAP NHD as soon as you enter the listing into Skyslope.


Complete and Send Seller Disclosures

It is best practice to have your client complete Seller Disclosures prior to the home going on the market. Be sure to include and review the Disclosure Instruction Advisory (DIA) with your seller, which needs to be signed and added to your Skyslope file.

If the seller didn’t complete their required disclosures at the time of listing, advise your seller to complete them as soon as possible. 

Once the seller has signed all disclosures, send them to the buyer’s agent within seven days of acceptance. Make sure to include the NHD signature page (with your signature in addition to the seller’s signature) and your AVID.


Escrow Package

Within seven days of opening escrow, the escrow company will send you the opening escrow package. If you don’t receive it, reach out to the escrow officer.

The package includes an escrow number, the NHD, Preliminary Title Report, Commission Instructions (Broker Demands to be signed by a file auditor), the EMD receipt, and RPA page 10 (acknowledged by escrow). 

Review all these documents, make sure they’re correct, and upload into Skyslope as soon as possible. 


Repairs and Inspections

Communicate with your seller about any inspections and make sure the home is ready. Inspections typically range from 1-3 hours.

If the buyer requests repairs during the inspection period, be sure to discuss this with your seller. Sellers aren’t obligated to agree to repairs, but if they do, repairs need to be completed at least five days before the close of escrow. If the seller agrees to complete repairs, make sure to collect invoices, receipts and certifications, and send them to the buyer’s agent. 


Appraisal

The buyer’s lender orders the appraisal, and the buyer covers the cost. As the listing agent, you’ll typically need to help set up the appointment with the appraiser.

Schedule the appointment, meet with the appraiser at the home, and provide any supporting comps or a list of upgrades/improvements if requested.

If you don’t hear from the appraiser after 10 days, reach out to the buyer’s agent.


Removal of Contingencies

Stay in touch with the buyer’s agent for updates on the loan and inspection contingencies. By Day 17– or whichever date is outlined in the RPA– the buyer should remove all contingencies. 

Please note, the removal of contingencies may be included as part of the Response to the Request for Repairs. Additionally, your seller may choose to send a Buyer Notice to Perform at Day 15. Talk with your Sales Manager if you believe this would best serve your client.

Once the buyer removes all contingencies, it’s time to prepare for closing. Be sure to stay proactive in your communication with your seller, the buyer’s agent, and your escrow officer. Confirm all paperwork is in order and uploaded to Skyslope.


Seller Signings & Final Documents

When all contingencies are removed, escrow will reach out to your seller to sign the closing documents. Follow up with escrow and ensure that all documents are signed and returned. 


The Closing Process (Sign, Fund, Record)

There are three steps in closing:

  1. Sign – Buyer signs the loan documents.
  2. Fund – Buyer’s and lender’s funds must be received by escrow (usually by 1 pm) for same-day recording.
  3. Record – Once the funds are received, the transaction will be recorded with the County, and the buyer officially owns the property.

After Closing

Once escrow is closed, you’ll receive the closing package from the escrow officer. Split the documents into Skyslope, upload them accordingly, and make sure the MLS status is updated to SOLD.


All done! Congratulations to you and your seller on a successful transaction!