The Path to Keys: Your Escrow Timeline
Buying in Leisure World is a two-track process: Real Estate (Inspections/Disclosures) and Membership (Financials/orientation). Both must be completed before you can close.
Day 1 - Open Escrow & Submit Deposit
Once your offer is accepted, we open Escrow. You will submit a check or wire your Earnest Money Deposit (3% of price) to the escrow company within 3 business days.
The GRF Application
This is the critical step. You will submit your tax returns, bank statements, ID's, and doctor's letter to the Stock Transfer Office. They verify you meet the income/asset eligibility requirements.
Day 10 - Document Review and Execution
After eligibilty acceptance, you will sign Mutual disclosures, have time to review HOA documents, and your NBO (New Buyer Orientation) will be scheduled.
Day 30 - The New Buyer Orientation
A few weeks after approval, you are invited to an a required orientation meeting with a Mutual Director and property inspector. (See below for what to expect)
Day 45- Closing Day
Today you sign your final documents, pay closing costs, and get your Leisure World membership ID card. Once your Stock Certificate is signed, the keys are yours!
"The Orientation" De-Mystified
At the orientation. The Director will:
- Explain the rules on parking, laundry, and pets.
- Show you how the house works and how to call for maintenance repairs.
- Welcome you to the neighborhood.