escrow: Designating The Escrow Holder
- 08/26/08 09:06 AM
Because the selection of an Escrow Holder is not usually critical to either principal in a transaction, real estate brokers have in the past played a large role in deciding where a transaction would be escrowed. In recent years, however, there has been an increasing effort on the part of federal and state regulators to minimize the influence of the broker in selection of the escrow holder. The rationale is that buyers and sellers have the right and should have the opportunity, to CHOOSE and compare escrow services and charges, if they so desire to negotiate between themselves as to where escrow … (4 comments)
escrow: What is a Reverse Mortgage?
- 08/21/08 11:47 AM
Most recently, frequently I have been asked, What is a Reverse Mortgage? From what I understand, A "reverse" mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a reverse mortgage can be paid to you in several ways: all at once, in a single lump sum of cash; as a regular monthly cash advance; as a "credit line" account … (0 comments)
escrow: Short Sales Are Back
- 08/20/07 12:59 PM
What is a Short Sale? A Short payoff sale is generally defined by loan loss mitigation professionals, as: A sale in which a lender allows the property securing a mortgage or deed of trust loan to be sold for less than the existing loan balance, due to factors such as the Borrower's financial circumstances, the property's physical condition, and local real estate market conditions. Most lenders will only approve a short sale as a last resort: The property was purchased or refinanced at the top of a seller's market at an over-inflated price and has had a substantial drop in value.The property is located in an … (10 comments)
escrow: What is an Escrow Officer?
- 07/11/07 08:43 AM
I am always surprised to hear "What is an Escrow Officer?". I can't believe I still get asked that question. But I know there are still some out there that have No Idea what an Escrow Officer is nor what an Escrow Officer does. Escrow officers facilitate the sale or refinancing of a property by receiving, holding, and transferring funds, deeds, and other legal papers in accordance with agreements made between buyers and sellers or the lender's instructions. Escrow Officers or Settlement Agents are the head of a real estate transaction. We process most of the paperwork involved in a refinance or sale transaction. We coordinate … (13 comments)
escrow: Property Disclosure Report
- 07/10/07 05:10 PM
I am often asked if it is necessary to obtain and deliver property disclosure reports to a buyer, although the property is being sold "AS IS". Well, California has several laws regarding natural hazard, property tax and environmental disclosures during a real estate transaction. In general, there are two types of disclosures: 1. Actual Knowledge You are required to disclose "actual knowledge" if you know of issues that affect the value or desirability of your property. Possible examples are drainage problems or an old heating oil tank on your property or the stone quarry 5 miles down the road whose trucks rumble by at 6:00am every weekday morning. … (6 comments)
escrow: It is NOT my job...
- 07/07/07 01:32 PM
As an Escrow Officer, I run into daily requests for things that are NOT within my job description. I already have a lot to do as an Escrow Holder. But over the years, in order to obtain more business from real estate agents and brokers, Escrow Officers have been taking on more and more responsibilities that are not within their duties. As a result, MOST not ALL, Real Estate Agents and/or Brokers have stopped doing their job and are getting lazier and lazier each day. Mind you, Real Estate Agents get paid at an average 3% to 6% commission off of the … (18 comments)
escrow: Que es Escrow?
- 06/11/07 11:40 AM
Un Escrow es un arreglo por el cual alguna tercera persona desinteresada, llamada el poseedor del "Escrow" o "Escrow Officer", retiene documentos legales y también los fondos en favor de un comprador y un vendedor y los distribuye de acuerdo con las instrucciones del comprador y vendedor. Ambos participantes dependen sobre el "Escrow" para que se llevan acabo fielmente sus mutuas y consistentes instrucciones relativo ala transacción y para aconsejarles si algunas de sus instrucciones no están mutualmente consistente o si no pueden realizarse. Un "Escrow" es conveniente para el comprador tanto como para el vendedor. De esta manera los dos pueden moverse hacia adelante … (28 comments)
escrow: What is the fee for the escrow service?
- 05/04/07 07:04 PM
What is the fee for the escrow service? Many believe the escrow fees are set by law. Escrow fees are NOT GENERALLY regulated by law or by SOME state statues. But Check your States Statue for regulation on Escrow Fees. Escrow Fees are set by each escrow company or escrow officer. Although many individuals complain about the escrow and closing costs involved in the property transaction, it is a required step that is necessary to protect both sides during what is an expensive business arrangement. Escrow and closing costs can make up a component of 3% to 6% of the total purchasing costs. However, … (10 comments)
escrow: I still have questions about the transaction, where can I go for answers?
- 05/03/07 07:05 PM
If negotiations have been conducted through a real estate agent, that person, or his/her broker, should be your primary consultant. The role as an independent agent prohibits the escrow officer from answering many of your questions. However, a knowledgeable escrow officer, whose responsibility is giving impartial service to all the parties, will refer you to the proper source for your answers. An escrow officer will often suggest that the customer seek the advice of legal counsel or a tax consultant. Your REALTOR will answer questions about your purchase contract agreement. Your loan officer will answer all questions about your loan status, the conditions … (4 comments)
escrow: What types of transactions go through escrow?
- 05/03/07 06:49 PM
Most contracts that involve the transfer, lease or financing of real or personal property can be placed in escrow. You may be involved in escrow not only when you buy or sell a home, but also when you buy a mobile home, sell a business or transfer stock in a closely held business. The buyer or seller should demand the protection of escrow for any transaction which involves a substantial investment. These are some of the escrow transactions that are heard of: Residential - Commercial - Bulk (Business) Sale - Mobile Home Refinance - Holding Funds - Personal Property - Foreclosures Construction - Trust Deeds - … (2 comments)
escrow: The Escrow Instructions are ready, now what?
- 05/03/07 06:32 PM
The Escrow Instructions are ready, now what? When the escrow officer receives the purchase agreement or instructions to open escrow, she or he will type the escrow instructions based on that agreement. The escrow instructions have been prepared, read them carefully to determine that they are complete and properly reflect your total agreement. If you have any questions or corrections, discuss them with the escrow holder before signing. Once the escrow instructions have been signed, they become the basis for the conduct of the escrow. Contact your Escrow Officer with any questions you may have that pertain to their escrow instructions. … (5 comments)
escrow: Escrow Closing Procedures Around The United States
- 04/17/07 11:02 AM
This is a very long article. But stroll to your state to look up the information. Thought I would share. This summary is merely a general reference guide. Local practices within your city or county may differ. Contact a local title company or real estate attorney for specific information. This is not intended as legal advice, but merely as a general reference guide. Attorneys and title companies handle closings. Conveyance is by warranty deed. Mortgages are the customary security instruments. Foreclosures are non-judicial. Foreclosure notices are published once a week for three weeks on a county-by-county basis. The foreclosure process takes a minimum … (20 comments)
escrow: Will the Escrow Officer review the Loan Documents with my client?
- 04/11/07 06:30 PM
When your client sits down for a loan signing, whether it's with a title company, an escrow office, an attorney's office, or any other location, they will be asked to sign a number of documents. Among these documents will be loan papers, if they are taking out a loan, which the lender submits to the escrow holder or closing agent. Several of these documents are being viewed for the first time. Can an escrow officer review these documents with your client? Yes. The escrow officer can review the documents with your client, but an Escrow Officer is limited to answering questions … (2 comments)
escrow: Does The Right Closing Date Make a Difference?
- 04/11/07 05:25 PM
I am often asked if the Closing Date makes a difference. My answer is YES!! When both Buyer & Seller sign a Purchase Agreement, it is binding. The provisions in the contract will spell out the events in which must take place before the close of escrow. Within that Agreement will be the provisions for the scheduled "Close of Escrow". A date is normally filled in when the offer is presented. Once the offer is presented, the Seller may choose to change the date before accepting. Both the Buyer and Seller should come up with a closing date that seems reasonable. The … (3 comments)
escrow: Getting Started in Escrow/Settlement
- 04/05/07 07:39 AM
How can someone enter into escrow or real estate settlement profession. Would they be suited to the job or would they like the business? Young professionals, stay-at-home moms, even seasoned account executives all ask the questions: What requirements are needed to enter into the escrow profession? What does the job entail? How do I know if escrow is suited to my interest and abilities? How do I get started and where do I go for information? A common problem that prospective escrow employees find is that when applying to a title, escrow or closing company for employment, they are told that without experience in … (9 comments)
escrow: Important Notice Re: Prop. taxes while in escrow
- 04/02/07 07:31 AM
IMPORTANT NOTICE REGARDING PROPERTY TAXES WHILE IN ESCROW While your property is in escrow, PLEASE DO NOT PAY ANY OF YOUR REAL PROPERTY TAXES WITHOUT FIRST CONTACTING YOUR ESCROW OFFICER. If the title company cannot verify that your taxes are paid, it will be necessary to hold the amount of the installment due PLUS penalty until the title company can verify that the County Tax Collector has received your full payment. Funds will be held up to 30 days after the close of escrow at which time the title company will forward said funds to pay taxes and penalties. This may result … (2 comments)
escrow: What is Escrow? Who chooses the Escrow and When? How Does Escrow Work? FAQ's
- 04/01/07 06:20 PM
What is Escrow? Escrow is a service that provides a means of security in the handling of important funds and documents. The California Escrow Law, Section 17003 of the Financial Code, provides the legal definition of escrow. An escrow holder works with the Buyers, Sellers, Lenders and Borrowers ("the principals") involved in a transaction to assure funds and documents change hands at the appropriate point in time, after preset conditions have been met. After the principals agree upon an escrow holder, the group must provide the holder with a set of written instructions, mutually agreed upon by all parties. The escrow holder … (9 comments)
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Because the selection of an Escrow Holder is not usually critical to either principal in a transaction, real estate brokers have in the past played a large role in deciding where a transaction would be escrowed. In recent years, however, there has been an increasing effort on the part of federal and state regulators to minimize the influence of the broker in selection of the escrow holder. The rationale is that buyers and sellers have the right and should have the opportunity, to CHOOSE and compare escrow services and charges, if they so desire to negotiate between themselves as to where escrow … (4 comments)
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