Consumption and Real Estate
How many times in California can escrow be extended?
Question : How many times in California can escrow be extended?
If I haven’t had a final personal inspection to ensure all repairs I requested are done correctly, can I extend escrow on the home I am wanting to purchase? What if the owner says no? Shouldn’t all the lights and gas be on for me to do final inspection? What if the home does not have any telephone receptacles? Should I demand they be put in (it’s a brand new home).
california home inspections
Best answer:
Answer by kemperk
laws and statutes vary state to state and county to county
in Calif but this will “help[?] you: while escrow must accomplish
various tasks [matching seller and buyer requirements from the
contract], escrow closes when the title/escrow officer says
“everything matches–is in place.” This can take
from 1 hour to years. Thus, the extensions are up to the
title company’s owner……..and the patience of the
seller or buyer–Either of which can stop escrow if its
processes has gone on longer than previously to in writing.
Therefore, you may help control its extensions or stop it
by saying [or putting in writing] ……..if it is not completed by……..
as you did in the contract originally.
THE lights/gas need only be on only to depict the applicances
work [if they come with the purchase] thus proving that the
lines work. YOU can just as easily get the seller to warrant
for x days, that both work.
IF the seller is a pure tecno gadget person and did not
need a “land line”, he would have had no need for receptacles.
THUS, if you find those line “ports” necessary, you may put
them into your “inspection requirements.”
Available to guide you further
Definitely do not close escrow until you’ve done your final inspection and verified that the work you required was completed. Doing so usually take about 20 minutes though,…. so I can’t imagine that it would delay the close by more then one day.
If the items that you requested to be fixed do not need electricity or gas to verify the work was done, then I wouldn’t make a fuss. If it does require electricity or gas, let them know right away so they can get it turned on and you can close escrow as close as possible to schedule.
The final walkthru is usually just a short walkthru to make sure that the house is is basically the same condition that you agreed to and that all work has been done. If you used the standard California Real Estate contract, (C.A.R.) there was a time that you had contingencies for property condition. This was the time you’d point out that you wanted telephone receptacles put in. It sounds like you have already released the contingency. You may ASK if they will put them in, but realize that is not part of your agreed upon contract. They may charge you for this added benefit.
Send an email to escrow (and your agent) letting them know that you do not want them to close escrow until you let them know all repairs were completed. The escrow officer can not close escrow unless both parties are in agreement…so your email will give her the written directions you needs.
Talk to your lender though and find out how good your loan rate lock is. If it is only good for a few days after your scheduled close date, holding off the close can cost you significantly! (With one client it cost them 3000, with another if would cost the 15,000 to hold off the close). So make sure you know!
Good luck!