Escrow - Closing

Once an offer is accepted by the seller, and there is a contractual agreement, it is the buyer's agent responsibility to open escrow at a title company. Many matters take place during this period such as; inspections, appraisal, and a title search.

Escrow:
An escrow is created when two or more parties deposit money and documents to a third party known as an escrow agent. The escrow agent follows the instructions written in an instrument or contract. Instructions in this instrument or contract usually include collection of funds, time, title insurance, real estate commissions, recording fees and any other type of closing cost.

Title Company:
A title company is basically a company that collects all information on a real estate sale according to a contract. As a middle person, the company transfers title to the buyer and cash to the seller.

Title Insurance:
Title Insurance protects the title of the property that is being purchased.
The title search uncovers any underlying mortgages or deeds of trust, unpaid taxes, judgments against previous owners, easements and other court actions or recorded documents which can affect the title to real estate. The title search affords the buyer, the benefit of knowing what issues need to be addressed before taking title to the new property.

Due Diligence Period:
Period of time buyer has to initiate inspections and certifications

Appraisal:
Several weeks before closing a Mortgage Lender will order an Appraisal to determine the value of the property.

Closing - Walk Thru:
After escrow is opened I keep a close watch over the process and inform my buyers on a regular basis.

Several days before the closing date I will meet with you at your home and we will do a walk through with all parties involved. This is done in order to make sure there are no major defects and everything agreed to in the contract is met.

After the Title Company has done a title search and prepared all closing documents, you will then be informed on when the final documents are to be signed.