A Great Escrow Start Means a Successful Closing

Want to make sure that your escrow gets off to a solid start, progresses seamlessly, and closes on time? Start by selecting an excellent escrow officer. The next step is to provide your escrow officer with all the information she needs right away. Be sure to inform your clients that they need to cooperate by getting all their paperwork in pronto! And lastly, follow up regularly during the process.

Just like every real estate transaction, the success of your closing depends on the great relationships you’ve cultivated. And your escrow officer is definitely someone you need to be able trust, so go to the escrow office and meet your escrow officer in person! Here is an article by Marisa Larsen of The Escrow Group, Inc. and it is worth sharing:

Expedite Your Escrow - Tips for the Agent

The escrow officer's goal is to make the closing smooth and error-free, and to be an active participant in your success. Throughout the escrow process, securing timely and complete information is one of the keys to exceptional escrow service. You can be of tremendous assistance as the “information pipeline” and the escrow officer will greatly appreciate this information.

If You Are Opening the Escrow, Provide the Following:

• Complete street address (Avenue, Drive, Street, Number, etc.) and parcel number if possible.

• Full names and marital status of all sellers (initials are not enough). If a married couple is involved, the first name of the wife as well as the husband is essential, along with addresses and phone numbers.

• Type of property: is it a rental or owner-occupied?

• Names of any existing mortgage companies, including all lien holders and private parties, to be paid off at closing. Include the company name, loan number, address, telephone number, and approximate unpaid balance.

• Homeowners Association name and the name and phone number of the Management Company.

• Appropriate information and reports, such as termite report and/or completion, home protection invoice, natural hazard report invoices, etc.

• Per the April revised California Association of Realtors® contract, sellers are required to provide the Statement of Information to their escrow holder within 7 days of acceptance of the contract. Without a Statement of Information, it would be necessary for the title company to list as exceptions from coverage judgments, liens or other matters which may affect the property to be insured. Such exceptions would be unacceptable to most lenders – whose interest must also be insured, and will prohibit the close of escrow.

The Escrow Officer Will Also Need the Following From the Buyer’s Agent:

• Full names and marital status of all buyers (initials are not enough). If a married couple is involved, the first name of the wife as well as the husband is essential, along with addresses and phone numbers.

• How the buyer(s) wants to take title.

• New lender information.

• Fire/hazard insurance information for new policy or existing policy.

After the Escrow Is Open:

• When calling the escrow officer, have the escrow number and buyer/seller’s names handy.

• Keep the escrow officer informed on any matters that may affect the transaction.

• Direct your client’s questions to the proper representative, such as:

          Real Estate Agent: Physical aspects of property, conflicts, and terms of sale.

          Lender: Loan terms, credit report issues, etc.

          Escrow Officer: Escrow instructions, documents and forms to be filled out.

When escrow closes, celebrate another successful transaction!

Our gratitude to Marisa Larsen for providing us these helpful tips.