When opening an title & escrow , the Buyer and Seller of a piece of property establish terms and conditions for the transfer of ownership of that property . These terms and conditions are given to a third party known as the Escrow Holder. The Escrow Holder in turn has the responsibility of seeing that the terms of the title & escrow are carried out. The title & escrow is an independent neutral account and the vehicle by which the mutual instructions of all parties to the transactions are complied with.

The title & escrow is a depository for all monies, instructions and documents necessary for the sale of your home. This includes the Buyer providing funds for a down payment with the Escrow Holder and Seller depositing the Deed and any other necessary papers with the Escrow Holder. Prior to close of title & escrow , the Buyer deposits the funds required and agreed upon by the parties to the sale with the Escrow Holder. The Buyer instructs the Escrow Holder to deliver the money to the Seller when the Escrow Holder:

1. Records the deed,
2. Delivers to the Buyer a policy of title insurance which shows title to the property vested in the name of the Buyer.

The Escrow Holder is authorized to deliver the Deed to the Buyer when the Buyer has deposited the agreed upon purchase price and fulfilled any other conditions specified in the title & escrow instructions. The Escrow Holder effects the prorations and adjustments on any fire/hazard insurance, real estate taxes, rents, interest, etc., based on the title & escrow instructions of both parties.

The Escrow Holder thus acts for both parties and protects the interests of each within the authority of the title & escrow instructions. Escrow cannot be completed until the instructions have been satisfied and all parties have signed title & escrow documents. The Escrow Holder takes instructions based on the terms of the Purchase Agreement and the Lender's requirements.

How do I open an title & escrow ?

Generally, the Buyer's Real Estate Agent will open the title & escrow . As soon as you execute the Purchase Agreement, the Selling Agent will place the Buyer's initial deposit, if any, into the title & escrow account.

What information will I have to provide?

You may be asked to complete a Statement of Identity as part of the necessary paperwork. Because many people have the same name, the Statement of Identity is used to identify the specific person in the transaction through such information as date of birth, social security number, etc. This information is kept confidential.

What do I need to do before my appointment to sign the deed?

All parties signing the documents must bring proper identification. Please bring either you valid driver's license, state identification card, or current passport with you to the title & escrow company. This item is needed to verify your identity by a notary public . This is a routine, but necessary step for your protection.

When do I sign title & escrow instructions and where do I do this?

Generally, your title & escrow instructions are mailed to you.

How long is an title & escrow ?

The length of an title & escrow is determined by the terms of the Purchase Agreement and can rang from a few days to several months. An title & escrow often averages 60 to 90 days.

What is "close of title & escrow "?

An title & escrow closing is the culmination of the transaction. It signifies legal transfer of title from
the Seller to the Buyer.

Generally, the Grand Deed and Deed of Trust are recorded within one working day of the Escro Holder's receipt ofloan funds. This completes the transaction and signifies the "close of title & escrow Once all conditions of the title & escrow have been satisfied, the Escrow Officer informs you or your agent of the date title & escrow will close and takes care of the technical and financial details.

Do I continue to pay my monthly mortgage payment?

Yes, your mortgage payment(s) must be kept current throughout the course of the escro transaction. If the payments are not kept current, the Lender(s) can/will access and collect la charge(s).

When and where do I get my final proceeds check?

The proceeds check is disbursed upon close of title & escrow , when the Escrow Officer is able to veri with the County Records Office that the documents have recorded and legal transfer has occured. The proceeds check can be delivered to your Real Estate Agent or picked up from your Escrc Officer.