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What is an Escrow?

The buyer and seller conduct business with each other through a neutral intermediary, your escrow company. The escrow holder, to exchange property and funds, carries out mutual written instructions by both parties.

When Do I Open An Escrow?

As soon as you and your other party are in complete agreement, a mutually selected escrow officer should be called. Consider the professional advice of your real estate agent.

What is needed from me?

Along with the terms of the sale the following are a list of items that are most helpful to expedite your transaction.

Seller
  1. Recent existing lender statement(s).
2. Current Home Owner Association documents.
3. Recent structural pest control report (if required).
   
Buyer
  1. Complete names & vesting
    (seek tax advice as to consequences of how you take title).
2. Initial deposit check.
3. Terms of financing and new lenders name.
4. Insurance agent information.


 

The Escrow Officer Does:

Prepare instruction and specific documents. Order all necessary pay off or assignment statements, homeowner association statements and title search. Secure releases of existing liens of record and disburses documents in accordance with mutual written instruction. Prepare all final statements for principals, accounting as to the disposition of all funds deposited with the escrow officer. Provide you with the assistance to close your transaction quickly and effectively. Escrow officers are trained, experienced professionals.

The Escrow Officer Does Not:

Act as a negotiator for the transaction or any terms thereof. Offer legal and or tax advice. Offer investment advice.

 

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