Who Pays the Fees & Costs?

The Charges of a transaction are dependent on the type and complexity of your transaction and the terms of your agreement. Both your professional real estate agent and your escrow holder can help you determine those costs. The seller typically pays for those costs involved in assuring the buyer a clear title and the buyer typically pays for any costs involved in the financing. The escrow fees are normally paid one half each. There are exceptions to the rules, so be sure to consult your professionals for help.

Who Can Answer My Questions?

Your primary consultant should be your real estate agent/ broker if the negotiations have been conducted through them. The escrow officer will often refer you to the real estate agent/ broker, legal counsel, or quite possibly a tax advisor.

What Happens If The Escrow Cancels?

A cancellation agreement must be reached between the parties with mutual written instruction calling, with live signatures, for the disposition of any funds and or documents. Payment of any charges incurred should be considered including fees and costs incurred by the lender, homeowners association, and title company and escrow holder. If the parties cannot agree, a court order may be needed.

What Happens At Closing?

The closing can take place when all instructions have been complied with. After all funds have been collected and costs paid, the property title can be transferred. This transfer of title is called the “recording”. Recording documents and title policies will be mailed to you after closing.

What is a Short Sale?

A Short Sale is an agreement by a lender to accept the sale of a property that nets them less than a full payoff for their loan, typically in order to avoid even more loss through the foreclosure process. Short Sales are often an excellent solution for both the home owner and the lender. The lender gets generally a better price, less cost, and a quicker sale through approving a short sale than they would in going through a foreclosure process. The borrowers get their credit restored and generally get relief from possible future legal actions and deficiency judgments. The end result of a short sale is the home is sold, the mortgage is satisfied, and the homeowner avoids a foreclosure or a bankruptcy. 

Talbrook II Escrow is very experienced in short sales and has a great reputation for closing such transactions. 

For more information, give us a call or email us, or Click here to find your nearest Talbrook II Escrow branch office.