|
Escrow Plain
and Simple
-
Escrow is opened
by agents per terms of the contract and your deposit check
is placed into an escrow account.
-
Title report is
ordered and reviewed when received. Any and all steps are
then taken to insure buyer is given clear title.
-
Escrow
instructions are prepared and forwarded to all parties for
signature and returned.
-
Information
regarding buyers financing is obtained and continuing
communication is established between escrow and lender.
-
Payoff
statements for existing loans are ordered and reviewed when
received. All other contingency items such as pest
inspection, home protection and/or homeowners association
statements are ordered.
-
Upon formal loan
approval, file is reviewed for completeness and if ready to
close, loan documents are ordered. All other missing items
are then researched.
-
Upon receipt of
loan documents, buyer is contacted for signature, fire
insurance is discussed and reviewed. Seller is contacted for
final signatures if necessary. Final estimated closing
statement is reviewed with buyer and arrangements discussed
regarding final funds required to close (cashier's check,
wire, etc.).
-
Upon final
review of file, readiness to close is determined, buyers
final deposit is made, and lender "funds" the
loan.
-
One all funds
required to close have been received by title company and/or
escrow, the deed transferring title and other pertinent
documents (mortgage, etc.) are recorded and file is closed.
Once deemed closed, all funds are disbursed in accordance
with original instructions to seller, broker/agents, and
other parties to the escrow. Buyer then obtains possession
of the property through agent.
11 Easy
Steps to A "Smooth Sailing" Escrow
-
Insure that your
deposit check is ready to be cashed immediately. these funds
are NOT held uncashed in escrow.
-
Establish and
maintain an early and constant communication with your
lender.
-
Sign and return
all escrow instructions promptly and completely. Escrow is
not considered officially opened until all signatures are
received.
-
Shop for
homeowners (fire) insurance early and advise escrow of
company or agent chosen. Escrow CANNOT close without a
complete policy on file.
-
If any changes
are required on your escrow instructions, call either your
agent or escrow office. DO NOT alter original instructions.
-
Be prepared to
sign your final loan documents approximately one week prior
to the scheduled closing date. This will be done in your
escrow office, and all final closing figures are reviewed at
this time.
-
Be prepared to
have a cashier's check or wire transfer issued for your
final closing funds approximately 48-72 hours prior to the
closing date. Escrow CANNOT close on a personal check or
other uncollected funds.
-
During the
course of escrow, if you are a seller and need to make
mortgage or tax payments prior to closing, please contact
your escrow officer before doing so. These payments may not
be posted promptly and may need to be held in escrow at
closing.
-
Advise your
escrow officer immediately of any changes in your status,
such as change in address or phone number, change in marital
status, or simply leaving town for a few days. Escrow may
suggest a "power of attorney" so that closing is
not delayed.
-
If you are a
seller, and your final proceeds are to be paid to
someone other than yourself, escrow must be advised in
writing.
-
Always remember
that your escrow officer appreciates a smooth closing as
much as you do, and will gladly answer any questions you may
have during the course of your escrow!!
|
Quick Search
Check the listings to find your dream house!
|
