No two escrows are the same, but did you know the escrow process can be fairly easy for all parties involved? It can – as long as you follow a few ground rules. Whether buying or selling, it’s important to prepare yourself for the next step: the escrow process. We’ve narrowed it down to our top 5 things you should do while in escrow to ensure a smooth closing. Enjoy!
READ AND UNDERSTAND YOUR ESCROW INSTRUCTIONS.
If you do not understand your escrow instructions, make sure to ask your Escrow Officer to explain the instructions. They will gladly lend a helping hand. However, your Escrow Officer will not give you legal advice, or advise you as to whether or not you have a “good deal.” Your Escrow Officer must remain neutral and follow the instructions given by the principals in the escrow.
ASK YOUR ESCROW OFFICER WHAT YOU CAN DO SPECIFICALLY TO ASSIST.
Asking the question, “what can I do to expedite the closing of this escrow?” is always welcomed. Clear communication and having everyone on the same page can really set the tone for the escrow closing process.
RESPOND QUICKLY TO CORRESPONDENCE.
Make sure to check your emails and return calls, emails, and paperwork at your earliest convenience. Your Escrow Officer will let you know what items are needed from you. It is your job to return them in a timely manner to keep things moving along.
USE CAUTION AND PAY ATTENTION.
If you are required to deliver funds into the escrow, check with your Escrow Officer first to confirm their wiring instructions and procedures they have in place for your security. Make sure to use caution and recognize the warning signs of wire fraud. When in doubt, pick up the phone and call your Escrow Officer or real estate agent, especially if you notice any suspicious activity.
LET YOUR ESCROW OFFICER KNOW OF ANY SPECIAL NEEDS OR RUSH REQUIREMENTS AS SOON AS POSSIBLE.
Upon closing, “escrow packages” are prepared within 24-48 hours of recording. This includes items such as closing papers, checks, title policies, statements, etc. These packages cannot be processed on the day of the closing; they may take several days. If you have a special need, for example a check on the day of closing, you should communicate that need to the Escrow Officer early in the processing of the escrow.
Always remember, no matter what your escrow is like, all parties involved are all working together for a common goal. Your escrow team, lender, and real estate agent are there to help you through this process and make it enjoyable for you. We wish you the best of luck and hope you have a pleasant escrow experience!