How is payment of the inspector and repair companies handled

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Reference no: EM133378930

Case: Harry and Wesley, married spouses, buy a home together in Rancho Cucamonga. They have made an ALL-CASH offer for the $950,000 home and signed a standard purchase agreement with the seller. The contract terms provide that buyers will pay for all inspections by an agreed-upon inspector and that seller will pay for any needed repairs found by said inspector. The inspector charged $2,500 for a comprehensive inspection, and determined a back deck needed to be replaced (cost of $3,500) and the central HVAC needed to be replaced ($18,000).

Question 1. What are the first four steps that will occur in the escrow?

Question 2. How is payment of the inspector and repair companies handled?

Question 3. What step(s) is/are NOT needed in this particular escrow?

Reference no: EM133378930

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