The escrow process is helped along by the real estate agent and loan officer, who will direct the necessary paperwork to the escrow officer. This eases the burden on the buyer and seller. In other words, they will let the both of them know what information is required and they will help the both deliver those items to the escrow. There are two very important things that one can do to make sure that your escrow is smooth and closes successfully.
First and foremost, it is important to be aware that both the seller and the buyer will be asked for a lot of information. Some of the things that will be asked to be done are: fill out loan documents, tell the title company who the home insurance agent is, tell the lender various pieces of information about credit history or possible problems, and so on. The most important thing the seller and the buyer can do is to provide this information promptly! A day or two (or more!) delay can hold up an escrow by a day or two (or more!). If the seller or buyer needs to close on the last day of the month, delays in receiving information can be disastrous!
Occasionally, seller or buyer are required to bring in additional funds to complete the transaction. California law says that all funds must be "good", which means that all checks must have cleared the bank, before any disbursement from the escrow file can take place. For this reason, any funds that are submitted to the escrow, especially near the closing date, should be in the form of a cashier’s check or bank wire, since out-of-town and personal checks may add several days to the processing time. Again, the close of escrow will depend greatly upon the promptness of the involved parties.
It is important that both the seller and buyer bring their valid picture ID when they come to sign the escrow documents. The title company will need their ID for the notarization procedure.
Although escrow officers are very well versed in the handling of an escrow, they are not attorneys. They cannot give legal advice, investment advice, or negotiate the transaction. So, occasionally a question may be asked that the escrow officer just cannot answer. The escrow officer will answer questions about the title company's services, procedures and forms, and hopefully, offer a friendly smile, and make the escrow experience as pleasant as possible.
or close escrow?
report
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the costs?
for what?
insurance
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