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?

 
This post has been included in New York Information
Post is included in group: Real Estate in The Finger Lakes

1 Comments on Escrow in the West vs. Escrow in the East

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

03/21/2008 11:12 AM by Anona Large-Oak Ridge, TN Real Estate (Realty Executives Associates)


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Escrow Company: Cheryl Zigas (National TitleNet)
Cheryl Zigas
Elmira, NY
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National TitleNet

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