Quick Tips & Helpful Hints
The key to any successful transaction is communication. Read and understand your escrow instructions. If you have any questions or concerns, please contact your Escrow Officer.
The following are suggestions that may help you through your escrow process;
- Always respond quickly to correspondence.
- If you are required to deliver funds into the escrow, make sure that you provide "good" funds, escrow can only close on a wire transfer of funds directly to the escrow trust account.
- Valid picture ID (current driver's license, State ID or passport) will be required for any document notarized. Always bring valid identification with you when signing documentation.
- If you are the buyer, you will need to provide insurance coverage prior to the close of escrow. Contact your insurance agent early in the escrow transaction and provide your escrow officer with the name and phone number of your insurance agent.
- If you are the seller, provide your escrow officer with the name, address, and phone number and loan number of all lien holders. If your property is a Condominium or PUD, the name and address of the Homeowners Association will be needed.
- Are you trying to accomplish a tax-deferred 1031 exchange? If so, once you have chosen an accommodator be sure to notify your escrow company with the name and phone number.
- Will any of the principals be using a Power of Attorney? Be sure to furnish your escrow officer with a copy of the document so that it can be reviewed and approved if necessary by the Title Company and/or lender.
Situations that could delay your closing:
- Are any of the vested owners deceased or in any way incapacitated?
- Have any of the principals recently filed for bankruptcy?
- Has there been a change in marital status of any of the vested owners?
- If property is currently vested in a trust, are any of the trustees of the trust deceased or incapacitated?
- Will this transaction involve a short sale?
- Will all of the principals be available to sign or will we be sending documents to another state or country?
Closing the Escrow
This is the ultimate goal of the transaction, the earlier these situations can be dealt with the better. We will find solutions to all challenges that may arise to ensure a smooth and timely close of your transaction.
If you have any questions or concerns, be sure to address them with your escrow officer as soon as possible.