Finding a dream home can sometimes take time. Once you’ve found your ideal home, negotiated your purchase price and your offer is officially accepted, you enter escrow. The next phase in the purchase process is getting through the inspection phase and finally, a successful escrow closing. Purchasing a home can be a stressful process. At Landmark Title, we do all we can to relieve your stress as we handle the escrow and transfer of title. Here are a few tips to help ensure a smooth escrow closing:
Getting paperwork in order
Making sure that all the paperwork is together and completed correctly is a very important step to a smooth escrow closing. The first step is checking that the purchase and or sale agreements are fully executed, and all areas and documentation are completed. If there is a power of attorney that is being executed, a copy of the agreement needs to be sent to the escrow officer as soon as possible. It will be reviewed for proper verbiage and acknowledgement and the original document is required at closing so it can be officially recorded. If there are any divorces, deaths or trusts on the title report, copies of the documents recording any of this information related to the previous property owners must be provided to prove the rightful owner of the property. Lastly, all required documents must be double-checked for proper completion and any documents that can be signed in advance, should be signed.
Confirming property improvement status
If there are contingencies based on the physical property, whether it be repairs to be completed or something to be replaced, these tasks must be complete prior to close of escrow. The buyer should do a final walkthrough the day before the official escrow closing or earlier if agreed upon by the seller. At that time, the home buyer and their representing Realtor should make sure that any “major” improvements to the property done that required a contractor or subcontractor within the last six months were paid for and completed before the transfer of title.
Including information for all involved parties
It is imperative to have accurate contact information for everyone involved in the transaction. The individuals involved in most escrow closings include seller, buyer and their real estate agents and an escrow agent. At the start of the escrow process, both the Realtors and the escrow company should double check email addresses and phone numbers. In some cases, a Homeowners Association (HOA) may also be involved and have their own requirements for escrow closings. Make sure to disclose all the HOA companies involved as well as review the HOA escrow demand statement.
Once all the required documents are in order, repairs are complete and all escrow requirements are met, the escrow officer will inform everyone involved that it is time to transfer title and complete the sale. At Landmark Title, we have a knowledgeable team to answer any questions and help walk buyers and sellers through the entire escrow process. Please contact us today to learn more about our title and escrow services.