No matter what party you are to an Escrow transaction, whether it be the Buyer, Seller, Agent or Escrow Officer, we all love it when it  runs smoothly. From opening the order, all the way to getting the confirmation of recording, here are some easy steps to follow that will make your job a bit easier and eliminate all that last minute running around.

 1.) Get extra information to the Escrow Officer at the same time of submitting the executed Purchase Contract and Earnest Money.

– These items include verifying the correct spelling of the Buyer(s) name and providing the mailing address, marital status, contact phone number and email address. Having these items from the start will allow the Escrow Officer to draw the documents correctly as well as be able to contact the buyer to set up signings when it’s time.

 2.) Is there a Homeowners Association?

– If so, provide the name of the HOA to the Escrow Officer as soon as possible so the HOA demand can be ordered even prior to receiving the Preliminary Title Report. HOAs take up to 10 business days to complete their demand and get it to escrow. This is probably one of the biggest things that can hold up a closing.

 3.) Does the Buyer have a common name?

-Request that your Escrow Officer send you a Statement of Identity right away so your Buyer can complete, and get it back to Escrow. This will eliminate any last minute judgments or liens showing up on the Preliminary Title report at closing.

 4.) Thoroughly review the Estimated Settlement Statement and/or HUD.

-Doing this will ensure no surprises during the signing. Any potential issues can be addressed and/or corrected prior to the scheduled appointment and the correct amount of closing funds can be brought in. This will also make the signing run a lot more smoothly and quicker.

 5.) Be prepared for your closing appointment.

-Make sure that you arrive to your appointment on time to avoid having to re-schedule for a later appointment. You will need to have the necessary proof of identification and/or a credible witness with you in order for your signature to be Notarized. If you have questions regarding this make sure to ask your Escrow Officer ahead of time. Bring in your closing funds in the form of a Cashiers Check or wire transfer. It will not be accepted in any other form. 

 Now all that’s left to do is to sit back and relax because your job is done! Following those easy steps can save an enormous amount of time for everyone involved. A smooth transaction means more return business and a lot less stress!!

Got something you would like to hear about in next month’s article? Please contact Shalene.Sunseri@securitytitle.com with your suggestions.