What is an Escrow?
We know that, unfortunately, escrow transactions can sometimes be complicated, lengthy and frustrating. This escrow information article is to give you information on how your sales transactions is processed and we would like to help make your escrow as stress free as possible.
The Escrow Agent is only one of a group of people working together to complete and close your escrow. Some of those in this group are buyer, seller, buyer's real estate agent, seller's real estate agent, seller's payoff lender, insurance agents, pest control companies, inspection and repair personnel, etc. Obviously, the way that everyone performs their own respective duties determines whether or not your escrow will close with a minimum of delay.
Please remember that the sooner you have accurate and complete information to us and to the other parties working with you, the sooner we all can order the necessary items at the appropriate time.
Once your escrow has been opened several things should be happening at the same time. Escrow instructions will be prepared from the information given to us, we open the search of title and order payoff or assumption packages from the existing lender. If the buyer is getting a new loan, the buyer will complete the loan application and lender will order credit reports, the appraisal, employment and deposit verifications. The buyer(s) (or buyer's real estate agent) should be arranging for insurance, termite and other inspections, repair work, etc.
After the loan is approved, the lender will order final loan documents and upon receipt of these documents, escrow will give final information to t new fire insurance carrier, settle the file and make an appointment with the buyer for document signing and order buyer's closing funds. Once the buyer has signed the loan documents, the loan package is returned to the lender and upon receipt of buyer's closing funds, the loan funds are requested by the lender. Depending upon whether the lender prepares the funding check locally or at an out-of-town office, loan funds will be sent to us within two or three days and we will be able to close.
We hope that this information will be useful and will
take the stress of buying or selling your present or next real estate investment.
|
|
California City Real Estate
"For All Your Real Estate Needs"
6508 California City Blvd., California City, Ca 93505
Tel (760) 373-2662 Fax (760) 373-2663
Open Daily 9AM to 5 PM
"Open Earlier or Later by Appointment"
CONTACT