ESCROW - WHAT IS IT?
An escrow is created when two or more people deposit money and/or documents with a third party who holds these until specific conditions are met. This party is known as the escrow holder.
The escrow holder acts on mutual instructions for the escrow and doesn't represent either of the parties. They remain objective. During the escrow period, the escrow officer is authorized by instructions to supply funds for items such as realtor commissions, title insurance, recording fees and other closing costs involved. Instructions specifically state the method of collecting monies, time limits and all the terms of the escrow transaction. The escrow process protects all the people involved by storing the money and paperwork till the mutual instructions are met.
The statutory definition of escrow is found in Section 17003 of the California Financial Code and reads as follows: "Escrow" means any transaction wherein one person, for the purpose of effecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event of the performance of a prescribed condition, when it is then to be delivered by such third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of the latter.
TIPS TO REMEMBER
When you open escrow, keep the number you are given ready to use for all future discussions regarding your purchase.
Read and understand the Title Report and all other documents. Discuss anything you don't understand with your escrow officer.
Make sure you communicate with your escrow officer accordingly. They must be instructed on every issue related to payouts, etc., and don't assume they know when all the important steps are supposed to occur. Be proactive
Inform your escrow officer of any changes you need in writing.
Check each คอนโด signature for accuracy and spelling. Sign exactly as shown on the document. Make sure all required documents are signed and notarized when applicable. Check all papers and documents before returning them to your escrow officer to make sure everything is in order re:
- They are signed properly. Any and all changes are initialed with the vesting shown as you have requested.
- All contact information is updated
- All funds being held by the broker are deposited into escrow accordingly
- The closing statements show where proceeds are to be received and the notary completes the acknowledgement, and signs it.
Don't forget that any aspect is never too small to ask a question about if you don't fully understand what is happening at all times. You can't be an expert on everything so don't be too shy to speak up if something seems puzzling to you. Your escrow officer is fully equipped with the knowledge to discuss anything you need to have made more clear to you.
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