|
|
The
De-Levi Team |
|
|
|
|
The Escrow The escrow is a legal procedure for handling the details of the real estate transaction from the time the Purchase Agreement is accepted until the title is transferred and the sale is completed. The escrow is managed by a title company. The title company, represented by the escrow officer, is a neutral party in the transaction. The escrow officer is a trained professional who proceeds on the basis of instructions from the Buyer's and Seller's agents in the specific steps to be completed before title to the property is transferred and funds are disbursed. The escrow officer can proceed only when Buyer's and Seller's instructions match. If any differences occur, they must be resolved before the escrow can move forward again. The escrow is usually opened by the next business day after mutual acceptance of the Purchase Agreement and the Buyer's earnest money is deposited into the escrow. Preliminary Title Report: The title company searches the public records for pertinent information about the property. Who is the owner of record? What liens exist against the property? What easements affect the property? Are there any judgments that might have to be cleared before title can be transferred? Any such items must be resolved during the escrow period. Title Insurance: The title insurance policy is protection for the Buyer against forgeries, errors in public records and other specific items. A CLTA (California Land Title Association) title insurance policy is issued to protect the Buyer and the ALTA (American Land Title Association) title policy is issued to protect the Lender. Generally the Buyer is required to pay for the ALTA policy when a Lender is involved. Contact us at: |