Opening an escrow is one of the most important parts of the entire real estate process. Since an escrow acts as a safety net, both the buyer and seller can benefit from opening an escrow. Keep these simple tips in mind to make the process of opening an escrow as simple as possible.
For both the buyer and seller:
- Sign and return the forms that are included in the escrow opening document package as soon as possible to start the process quickly.
- If you are going to be out of town during the escrow period, make sure to use a Power of Attorney to get the documents signed.
- Notify your escrow agent as soon as possible if the escrow is going to be part of a 1031 tax-deferred exchange.
For the seller:
- Notify your escrow officer if your spouse has recently died or you are in the process of going through a divorce while in escrow. They will also have to know if you have special instructions for the disbursement of your proceeds, such as if it is going through a wire transfer.
- Ensure that repairs or inspections are ordered as soon as possible. Make sure the process is coordinated with your agent and that the property is available for appraisers and inspectors.
- Keep paying on all of your existing loans through the escrow process. Ask your escrow officer for ways to avoid double paying for property taxes if they are due during the time of escrow.
For the buyer:
- Tell your escrow officer the name of your new lender as soon as possible, and provide any requested information quickly.
- Let your escrow officer know if your closing funds will be coming from another country or from a stockbroker.
- Tell your escrow officer if you will not be able to sign loan documents during regular business hours, or if you need any other special services, such as a translator.
For all of escrow needs in the Hermosa Beach, California area, contact Brighton Escrow.
