What Causes Escrow Delays?
• Not returning the calls to escrow when they try
to verify a new escrow
• Not giving vesting information at opening
• Forms turned in Incomplete or Late! (i.e.,
missing S.S.N. or S.I., no insurance company)
• No loan information so demand can be ordered
• Initials Missing on forms and documents
• Signatures Missing
• Grant Deeds Signed but not Notarized
• Grant Deed not in at closing
• Not returning Paperwork in a Timely Manner
• If you know about a PROBLEM-Don't keep it a
Secret!
• Lack of Communication between Agents,
Escrow and parties.
• If you know about Loan Approval Give Escrow
a Heads Up!
• Get the Insurance Agent's name and Information
to Escrow A.S.A.P
What Can the Agent Do?
• Have your property profile when you open
escrow
• Have new lender information so Cert.
Instructions can be sent out with no delays
• Have purchase contract & all counters with you
so all terms are clear at opening
• Know the other agent's phone number so
information can be verified quickly
• Get all escrow papers back as quickly as
possible. If you are not a notary, feel free to
send them in to Escrow to sign Grant Deed. This
is often a last minute hold up.
• Be sure the S.I. is returned quickly this shows all
the judgments, etc. (Very Important to do this
early)
• Be sure to complete all paperwork. Loan info for
Seller, Insurance for Buyer is often not
completed
• Check each page of instructions that they
initialed and signed correctly and did not miss
any spots.
Comments(0)