Frequently Asked Questions
Who are we?
We are a Neutral Third Party who assists all parties to the transaction and facilitates a timely closing.
Who chooses us?
Usually the Buyer, unless specifically designated by the Seller.
How are we paid?
Our fee is split equally between the Buyer and Seller, unless otherwise agreed to by the parties.
After receiving the Purchase and Sale Agreement (PSA), we send a letter, escrow brochure, fee schedule, sample escrow instructions & questionnaire to the parties.
What does Escrow do?
We coordinate the transaction, clear title, analyze purchase & sale agreements for completeness, communicate with lenders, review loan documents, create financial statements, prepare closing documents, sign the parties, record appropriate documents, satisfy underlying mortgages/liens, and receive/disburse funds.
What is signing?
This is the time designated for meeting, discussing, reviewing and signing Closing Papers.
What are Closing Papers?
The Closing Papers presented to the parties for signing include, a Settlement Statement (often known as a HUD-1), Escrow Documents, Loan Documents, Transfer Documents (Deed) and related items.
What if a party is out of town?
If a party is going to be unavailable for the signing appointment, the Closing Papers can be sent to them via FedEx, signed with a mobile notary (that we can assist arranging), or signed locally by an authorized power of attorney.
Who signs first?
Either party can sign first. We try our best to accommodate the needs of the parties.
When is signing?
Buyers sign after loan documents are received, usually 2-3 days prior to-closing. Sellers can sign whenever their Closing Papers are prepared.
Who will be at Buyers' signing appointment?
Buyers & Escrow Agent (possibly Realtor & Lender).
Who will be at Sellers' signing appointment?
Sellers & Escrow Agent (possibly Realtor).
How long will the signing appointment be?
Buyers' appointments range from 1-2 hours. Sellers' appointments are typically 1/2 hour.
How much money does the Buyer need to close?
The exact amount of Buyers' down payment (less earnest money) can only be determined after we receive loan documents from the lender. At that time, we can calculate the amount of money that is needed and advise Buyers.
When does Escrow need Buyers' money?
By noon, on the day before closing in certified funds (cashier's check or wire).
Do the parties have to be present on the Closing Date?
No. However, there are instances in which additional documents may need to be signed per lender requirements. So it is helpful to be available, just in case.
What happens on the Closing Date?
On the Closing Date, we will "balance" with the lender and instruct the Title Company to record the Deed.
Three Things Required To Close:
- Lender's Money
- Borrower's Money
- Recording Numbers
When is closing?
When the Deed has been recorded & the money is available to Seller. The exact time cannot be predicted, but it will be between 10:00 a.m. and 6:00 p.m.
How will we know when we have closed?
We call all parties and their representatives when the transaction has closed.
When is possession?
The date and time of possession is stated in the PSA, and by default, is usually 9:00 p.m. on the date of closing.
Escrow does not:
- Hold "reserves"
- Guarantee/inspect the condition of property
- Give legal advice
- Represent any particular party
- Take sides in disputes or Resolve disagreements
- Determine the “time” of closing
- Read utility meters
- Modify/establish material terms of the PSA
What is a Successful Escrow?
The transaction is closed in accordance with the PSA and to the satisfaction of the parties.