In San Francisco while it has become customary for the listing agent to open a pre-escrow account readying the seller for success, this is negotiable and a buyer may request another escrow company and negotiate this point within the purchase contract. Closing costs vary by escrow company and are not dictated by law, so shopping around is always good advice, and who pays which closing costs are negotiable as well.
Getting Sellers & Buyers “Into” Escrow.
What does “getting into escrow” mean to you? For buyers and sellers “getting into escrow” is music to their ears because that means both of them are getting what they wanted. Here in California, we use an independent third party company called escrow to facilitate the real estate purchase contract on behalf of both, buyer and seller. Once the escrow receives the RE purchase contract, escrow prepared instructions (escrow instructions) for both buyer/seller to sign.
Escrow is an essential part of the buying/selling process and helps buyer and seller, escrow oversees & safeguards both parties in the transaction; they make sure the seller gets paid, and the buyer gets clear title to the property. Escrow handles a multifaceted complex task of ensuring both parties get what they agreed upon, and they truly make it possible for the buyer’s agent to deliver the keys to the buyer.
In football terms, the escrow is the quarterback. When it comes to transferring ownership of title to real property, escrow becomes the quarterback for both, the buyer side and seller side. As a quarterback escrow makes sure both side balance out per escrow instructions, they make sure per agreement both sides keep their promises to each other.
Once escrow opens, escrow oversees the agreement, but they also “heavily” depend on the agent/agents in the deal whenever compliance is needed. Your local Realtor is the best at getting sellers and buyers into a contract and into escrow, it is what they do day-in and day-out!
Trust is a source of pride and a true honor, trust is power...
Your Local Real Estate Connection
JON KOLSKY5320 E 2nd St #8, Long Beach, CA 90803
License: 01311273 Phone: 562-225-2296 | Fax: 562-439-0511
Just ask me & get a professional home value estimate - FREE and with no obligation of course.
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