If you like the buyer’s offer with a few exceptions, such as the price or the date of closing, you can send a counteroffer to the buyer stating the desired changes. When accepting an offer, you must carefully scrutinize all the terms that have been stated by the buyer. Once you accept an offer, you can’t change your mind, so it’s better to put a lot of thought into it rather than accepting an offer hastily. If you are in doubt regarding the legal jargon, it’s a good idea to consult an attorney or an agent for their guidance. ESCROW During the transaction involving the sale of your home, you will have to deal with an escrow company. An escrow company is a neutral third party that holds the funds and all the legal documents during the purchase and sale of a property. It represents both the buyer and seller equally, and makes sure the transaction is conducted smoothly. Funds like the earnest money the buyer will pay you will be deposited in the escrow account. The company will also handle the important documents involved in the sales process. If you are selling your own home without the help of an agent, you will have to open an escrow account yourself as well. This, however, is a very simple process. The escrow company is actually responsible for safeguarding the interests of both the buyer and the seller. To that end, the company ensures that no funds or titles to the property are transferred until all clauses in the escrow agreement have been met. You must select a competent and experienced escrow holder to make sure you receive the highest possible standards of service, but once you have one, you should be set. • • •
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