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Escrow Procedure
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Disclosures By walking through the property, you can visually see the condition of the property. Test the light switches, look over the walls, the exterior of the house, test the water faucets and so on. But it is also very import that you know about what you can’t see, and perhaps things that have happened in the past regarding the property. The seller is usually obligated to provide disclosures regarding the condition of the property (past and present), Like what kind of natural hazard zone the property is in (flood, fire, earthquake etc.), and if it’s a condominium, documentation regarding the homeowner’s association. And there may also be other disclosures required in the area the home is in. Most disclosures are automatically required per contract. This is the contract that you wrote your offer on. Your agent will make sure that all necessary disclosures are provided and done within the time period required. This is very important because you want to have time to review and approve these documents. And if there is something you don’t approve, you’ll need to reach some sort of agreement with the seller or cancel the agreement and escrow.
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