Did you know that there is very little information about the escrow process on the web? This process involves vendors, sellers, and buyers that will go through a month-long process that involves purchase terms related to the acquisition of a product. When you go through a transaction related to real estate, there will always be an escrow component, something very similar to the game of basketball and a point guard. Team members are going to call players, track events, and make the necessary decisions so that everything is successful. Just like basketball, planning and preparation are crucial to success.
These five tips will go over this month-long process during which money and property will be exchanged.
- Always Present Your Contact Information
Your TC, which is also referred to as the listing agent, is going to have information for the escrow service that they will use to connect with everyone involved. Using this information, they can reach out to all of the parties that will participate in the transaction of this property, plus provide the necessary information and paperwork that people will need. This information will include quite a bit of direct info about transaction coordinators, the title company itself, as well as information about sellers, buyers, and other parties involved.
- Complete documentation
Of great importance is the purchase agreement, a document that needs to be signed by all parties involved in this transaction. If there is an HOA company involved, there must be a contract for that as well. There could be a second HOA, which the escrow office may not be aware of, and this could lead to delays. By being upfront about every bit of information, the process will move much more smoothly.
- Be Accessible
This is not a time for anyone to go on some sort of vacation. Any trips that you need to take must be scheduled after the close of escrow. If you receive a phone call or an email, you need to respond as quickly as possible. You should check your email on a regular basis, as well as your voicemail, during this month-long process that will ensure that escrow will close on the predesignated date.
- Always Communicate
Asking questions is very important. When you are working with an escrow office, and they are using their checklist, you may have questions that need to be explained regarding the documentation. It is so important to get answers to questions that you ask which is part of having clear communication. An example of this would be signing paperwork in person, preferably with a notary, or you may want to use a computer and an electronic signature system, plus you can always use a mobile notary.
- Properly Introduce The Escrow Office To The New Lender
TRID laws operate on their own timeline, especially with fee disclosure issues. Both escrow and the lender will need to lean on each other when it comes to timely and accurate disclosure of fees that must be paid. Once they are introduced, everything can move much more quickly, and soon the documentation can be reviewed. This will make the entire process much faster, and help you avoid delays that can occur, leading to the final close of escrow.
