So I have different processes from different people. Some people are telling me that once you sign the contract with a seller, you take it to escrow with EMD, and then start looking for buyer. As soon as escrow starts, your inspection period starts as well. Then you look for a buyer.
Another person is telling me that once I sign a contract with a seller, I hold it with me until I find a buyer, who will sign an assignment contract. He mentioned that inspection period begins before you even talk to escrow. Then, I take both the seller contract and buyer contract along with both EMD to escrow, and open escrow.
So, you can see my concern and why I am a little confused. Ordinarily, selling a house, you open escrow and then go through inspection period, so I'm a little skeptical about the latter process. Thank you in advance for your help!
Medvin Bagh , your due diligence clock starts ticking from your binding agreement date. Once you have a binding agreement, you take the executed agreement to your closing attorney or escrow company ( GA uses a closing attorney). Once you have your buyer sign the assignment agreement, send to your closing attorney....as soon as possible.
Hopefully you can negotiate with the seller for a longer due diligence period (allowing for time to find a buyer if you don't have one lined up) and also state in your agreement that earnest money will be due at the end of the due diligence period.
I hope this helps.
@Renee Cato Yes, this helped a lot. Thank you. Essentially, its the first process of the two that I presented.
You got it! 😉 Medvin Bagh
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