- When you open escrow, ask for
your Escrow Reference Number to use for all future communications.
- Read and understand the
Preliminary Title Report. If an item is not understood, phone your escrow
officer or title officer.
- COMMUNICATE with your escrow
officer. He/She must be instructed when to order payoffs, releases, etc. It is
important that you keep him/her informed as to loan approval and related
issues.
- Inform your escrow officer if
any changes occur. All changes should be in writing. Remember, with rare
exceptions, escrow acts only on MUTUAL instructions.
- It is important to understand
the fiscal tax year, debits, credits, prepaid interest, impounds, and due and
delinquent dates so that you will easily understand this information.
Familiarize yourself with "normal" buyer's and seller's
closing costs.
- Check each signature for
accuracy as to middle initials and spelling. Sign exactly as shown on the
document. Make sure all required documents are signed and notarized when
applicable.
- Double check all papers and
documents before returning them to your escrow officer to verify the following:
- They are signed properly.
Any and all changes are initialed.
- The vesting shows as the
clients had requested.
- Addresses are supplied for
all future correspondence.
- Any changes in phone
numbers are provided.
- Any and all addendums are
executed.
- All funds held by the
broker are deposited into escrow.
- The client has noted if
their closing statements/funds are to be mailed or picked up.
- The notary completes the
acknowledgment, signs it and places the seal clearly.
- Closing funds are sent by
certified/cashier's check or wire.
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