In a California property transaction all parties involved give their closing directives to a chosen escrow company. It then becomes the escrow holder’s responsibility to ensure that no tools, money or property change hands until all instructions have been carried into a legally binding decision. The escrow officer cannot complete your transaction without first getting a record of necessary information from you and the other parties to the contract.
Buyer’s Escrow Checklist
Your new mortgage lender or lender, title, address, and phone number. Terms of your new loan: sum borrowed and interest rate. Your property insurance agent’s contact information. The correct spelling of your name, marital status and how you wish to achieve name to your new property. You may want to confer with an attorney or CPA first, regarding the consequences of every potential choice, such as; independent property, joint tenants, community property, right of survivorship, etc. Earnest money deposit if needed by the residential property purchase contract. Provide anything else that the escrow firm requests in order to shut your distinctive transaction.
Seller’s Escrow List
The estimated balance of mortgages from the topic property, and the sort of loan: VA, FHA, personal contract, state of California, or traditional. Name, address and account number of every organization to which you make mortgage payments. Copy of your house insurance coverage. Copies of any applicable by-laws, articles of incorporation, and CCR’s (covenants, conditions and restrictions) outlining the rules of the evolution. These must be delivered to the buyer. Homeowner’s institution name, address, phone number and amount of the monthly association dues. Current property tax invoice. Copy of your original name policy or grant deed to get an accurate legal description of the subject property. Written account of personal property incorporated into the sale. Business and individual title, address and telephone number of every property broker to be paid a commission. Proper name of the title company issuing the policy and also the sort of title insurance to be supplied. If a rental: record of tenants such as quantities of rents, date paid, sums of security deposit and copies of all current leases and other relevant documentation. Many California water companies are owned liberally with neighborhood homeowners who are shareholders. The water inventory is germane to the property sale and must be transferred at escrow closing. If there’s water inventory, the seller must provide the escrow company with the stock certificate, along with the title and address of the water company.
Escrow Checklist For Real Estate Agents
A fully implemented and legible copy of the purchase agreement and joint escrow Instructions. Complete copies of counter supplies and/or addendums to the sale and purchase. Name, address and telephone number for the real estate agents to be paid a commission. Name and address of lender for buyer’s new loan when buyer has not supplied it. Name of name company that will be issuing the title insurance coverage, kind of coverage and coverage amount. Anticipated closing date. List of things to be prorated through escrow. If there’s water stock to the property, provide water company and stock certification for property assignment and proration, if the seller has not. Termite company name and copies of reports.