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CalAttorney2
CalAttorney2, Attorney
Category: Legal
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Experience:  Civil litigation attorney for individuals and businesses.
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Our realtor is waiting on a escrow. therefore, 2 days later

Customer Question

our realtor is waiting on a escrow. therefore, 2 days later they have found an escrow and now our realtor is finizong our contract, does that mean our offer was accepted by the seller?

Submitted: 1 year ago.
Category: Legal
Expert:  CalAttorney2 replied 1 year ago.
You will know if your offer was accepted when your realtor provides you with a copy of your real estate purchase agreement that has been signed by both the buyer and the seller.This is the key document that sets the initial terms for the property purchase, and what is the key document in "opening escrow." While having the purchase agreement signed by both sides does create a fully executed contract between both parties, it does not necessarily mean that the sale is complete, you still need to complete all of the terms and contingencies of the purchase agreement (such as loan contingencies, inspection contingencies, etc.), at which point your escrow will "close" and you will become owners of the property.
Customer: replied 1 year ago.

so, with us just signing a contract, it doesnt mean it accepted yet?

Expert:  CalAttorney2 replied 1 year ago.
That is correct, if you are the only one that signed that usually means that you have made an "offer" the seller can do a couple of things, they can 1) "accept" your offer, sign the same document and you will have a fully executed contract and will proceed to escrow; 2) they can "counter-offer" - send you new terms for you to consider and decide whether you wish to accept or send a separate "counter" to their "counter-offer" - a counter-offer acts as a rejection of the offer, so if either party submits a 'counter' they are rejecting the offer; or 3) they can "reject" the offer, technically this would end the negotiation process, but it is always possible to send them a new proposal or offer anyway and see if they accept that (there is no guarantee, but you aren't prohibited from doing so).
Customer: replied 1 year ago.

what if we have an escrow first hawaiian for the title does that mean the same?

Expert:  CalAttorney2 replied 1 year ago.
If you already have an escrow account open, that would likely mean that you are in contract to purchase the property.However, be careful, a lot of purchase contracts will pre-fill the designated escrow company into the purchase agreement, so you may have a document that lists the escrow company that is to be used if the purchase agreement is executed, but that does not necessarily mean that your contract is finalized.
Customer: replied 1 year ago.

all i was told is they were working out some details with the seller..and today i was told all paperworks are ready to sign, and they have told me my escrow is first hawaiian title, but i havent signed yet, so im confuse if that means our offer went through or if its still going through

Expert:  CalAttorney2 replied 1 year ago.
I am sorry, you really will need to speak with your realtor again. Anything I provide you here is going to be "general legal information" as opposed to specific information to your purchase agreement, and while I can provide you with general information about the purchase process (as noted above) I would be speculating (guessing) as to what the current status of your purchase is. I would hate to give you bad information in an attempt to give you a quick answer, but your best recourse right now is really to speak with your realtor again.I do hope that they did work out the issues with the seller and that they did accept your offer so that your purchase agreement is now executed (so that you are now in escrow), which would make sense based on what you posted, but I cannot verify that status as I do not have access to your specific sales transaction or documents.

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