Escrow
Escrow is a process that ensures the protection for all parties involved in a Real Estate transaction. Commonly known as a neutral third party, escrow holds the funds until the purchaser is assured that the property has been transferred. An Escrow is created when money and or documents are deposited with the Escrow Officer. The Escrow Officer is only given written instructions which are agreed upon by all parties. The instructions dictate the duties to be able to complete the transaction. A few of the tasks that may be required are:
- Receive the earnest money and deposit it
- Order pay-offs
- Calculate liens, probate taxes, rents, interest and insurance policies
- Order preliminary report
- Prepare and receive documents
- Request and receive funding from the new lender when conditions have been satisfied
- Arrange for recording the conveyence documents and any other legal instruments required to transfer title to the property pursuant to the terms of the purchase agreement
- Close the Escrow and dispurse funds as agreed upon in the insrtuctions
- Issue closing statement where all parties are showing disposition of funds
The Escrow Officers play an important role in the escrow transaction. In The Temecula Escrow office of LandAmerica Southland Title we have very experienced and qualified Esrcow officers that go to great lengths for the satisfaction of all parties involoved in the Real Estate transaction. The Temecula Escrow Officers will often work long hours to make sure the escrow closes as expected.
If you would like an in depth reference guide that will lay out the esrcow procedures by describing:
- What is Escrow?
- The Escrow Officer
- The Escrow Process
- Opening Escrow
- Expedite your Escrow
- Escrow Red Flags
- Closing Cost
- Who pays for What?
- The Title Company's Role
- Vesting information
- Escrow and Taxes
- Other Legal Issues
- Sample Forms
This is an Escrow 101 reference guide that will help you become more knowledgeable with this side of the Real Estate transaction and be able to better explain it to your clients.
In todays Temecula Real Estate market there has been a growing number of bank owned escrows opening. When dealing with a property that is bank owned , it makes it a professional transaction. This can help speed up the process of the sale once it is in escrow. Temecula Real Estate has a large amount for sale by owner homes. The Seller of these homes will need an experienced escrow and title company to be able to assist them through their transaction. If you are considering selling your home in the Temecula Real Estate market or surrounding areas don't hesitate to call me or one of our qualified escrow officers.
