ESCROW IS OPENING
WHAT NOW?
THE ADVANTAGE START
Names/Title:
• Exact names (if your name is substantially different from how it appears on the ID, contact escrow),
• How you wish to take the title (your vesting). Any questions regarding how to take title should be directed to your CPA and/or tax or legal counsel
Contact information:
• Address, phone(s), email address
• The preferred manner of communication:
• Phone, email, regular mail, etc?
Earnest money deposit:
• Earnest money deposit as specified in the contract is to be deposited with escrow holder within 3 days of acceptance of the offer.
• Personal checks are acceptable for initial deposits
Insurance information:
• Name and contact information for your insurance agent
• Research your options regarding insurance quotes as soon as possible to ensure you are obtaining the policy that best suits your needs
Mortgage company information:
• Name of the mortgage broker and all contact information
• Should you change lenders during the transaction, notify escrow immediately
Check your identification:
• All buyers will be required to furnish a valid, government-issued ID at the time of signing of loan documents, name(s) shown on ID’s must match the documents
• Should your ID not match or you have questions regarding the sufficiency of your ID, contact your escrow holder immediately
Any unusual information:
• Married but spouse not going on the title? Quitclaim Deed may be required.
• Pending divorce? Separate appointments or escrow packages may be requested.
• Vacation(s) or business trips planned during the duration of escrow, etc.?
• Power of Attorney may be needed?
• Portion of down payment being provided by an outside party? (Special instructions apply)
THE ROAD MAP
Lender:
• Stay in constant contact with your lender, provide all requested documentation as soon as possible
Your Realtor:
• Your realtor will assist you with all scheduling and providing all required inspections including the home inspection, appraisal, any repair issues, etc.
Is Homeowners Association applicable?
• Governing documents: you will be provided with all applicable governing documents for review; direct any specific questions regarding these documents to the management company, contact escrow holder for management company information
Insurance:
• Have you provided the name and contact information for your insurance agent?
• Have you confirmed with your insurance agent that they will be in a position to provide adequate evidence of insurance immediately upon request from escrow
COMMUNICATION
• Required reports and/or documents are available via hard copy or email
• Communication with escrow staff available via phone, email, or text.
• Need an after-hours appointment to meet with escrow? Available upon request.
WELCOME HOME!
Lender:
• Have you communicated with your lender regarding any final documentation needed?
• When your loan file has been cleared for closing, loan documents will be emailed to escrow
• Loan documents will be reviewed by escrow for accuracy;
• An appointment to sign the loan documents will be scheduled, please advise escrow if special arrangements are needed, such as after-hours or outside the escrow office;
Final funds:
• Escrow will provide you with the final estimated settlement statement, review carefully
• The final deposit of down payment and remaining closing costs will be requested in wired funds. You will be provided with wire instructions at the time of signing
• Personal checks are not acceptable, contact escrow if wired funds are not available for further instructions
• When do my final funds need to be deposited? Final funds and all remaining documents must be in escrow no later than 48 hours prior to closing
Authorization to close escrow:
• Upon final verification of all escrow/loan conditions, an authorization will be given by escrow to “close escrow”, all parties will be notified when closing has been confirmed
• Communicate with your realtor regarding keys, possession of the property
Escrow is closed, congratulations!!! What now?
• Upon final audit of your file, escrow will provide you with the final settlement statement and any necessary documents and/or remaining funds (usually within 24 hours following closing)
• If a Home Warranty was purchased, you will be provided with contact information
• Communicate with escrow regarding the delivery method of this closing package (mail, pick-up, c/o agent, etc.)
• Escrow may be in possession of common area keys, remotes, etc., you will be notified
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