What are the first four steps that will occur in the escrow

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Reference no: EM133394549

Case Study: 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). In a paragraph

Questions:

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

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

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

Reference no: EM133394549

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