As some of you know, I am an Escrow Officer at NationalTitleNet in Elmira, NY. I was an Escrow Officer in Nevada, but began my real estate career in California. I have had the opportunity to close hundreds of escrows in Residential properties, mobile homes, 1031 Exchanges and Business Opportunities. I have been actively involved in this industry since 1993.
So let me begin by saying escrow is completely different here than it was out west. I know, I know, some of you will say, "Isn't that a DUH moment?" And yes, you're right.
"They don't do escrow in the East like they do in the West." I knew that.
"They use real estate attorneys in the East." I knew that too.
What I didn't know was the golden opportunity that would be presented to me. I was offered the opportunity to bring escrow styles from the West to New York. Wow.
Terrified? Yep. Overwhelmed? You bet. Excited? Absolutely! Sadistic? Probably.
But here's the thing: if I can close a transaction in New York in the same manner as I did out west (i.e., not using a real estate attorney), the whole process takes on a new dimension. Escrows closing on the actual scheduled date, not 3 weeks later, transactions running more smoothly, etc. I could actually feel my head stretch as the ideas raced through my mind.
It is not law to use a real estate attorney to close transactions in New York, however, this is the way it's been done for...well.....forever. Now, I do have an in-house attorney to assist if needed. I have the experience. I have the knowledge (what I don't know, I will get an answer for, believe me).
So, my real estate professional friends, what do you think I should do now to attract the business?
Cheryl -- This is great! Coming from the Vegas real estate market to TN real estate market has been soooo different. TN offers the option for a lawyer and the real estate companies hold the earnest money, not the title company aka closing company in TN.
I think the people from the West Coast who are relocating will really like the familiarity with the process you can offer. Have fun!
and Have a Fabulous Real Estate Day!
Anona