It all begins with the offer and acceptance skillfully negotiated by the real estate agents representing Buyer and Seller.
THE LENDER (when applicable)
THE ESCROW OFFICER DOES . . .
THE ESCROW OFFICER DOES NOT...
Frequently Asked Questions
Escrow is a service that enables the Buyer and Seller to transact business with each other through a neutral party, minimizing their risk.
This term refers to the recording of the Grant Deed and other applicable documents with the County Recorder.
Upon approval of the new loan the lender sends loan documents to escrow. At this time the Escrow Officer gives the Buyer a final estimate of the funds needed for closing and schedules an appointment for the buyer to sign loan documents. Final funds for closing must be deposited into escrow not later than 48 hours prior to close.
A confidential statement of information is required by the title company in order to insure the transfer of title.
The California Taxation and Revenue Code requires Buyers to withhold from Sellers proceeds an amount equal to 3 1/3rd percent of the sales price on the sale of certain California real properties. Sellers are required to complete Form 593-C and return it to escrow prior to close to insure compliance with California's tax withholding requirements.
The Internal Revenue Service requires each Seller to answer questions about the nature of their transaction. If one of the four questions the Seller is required to answer does not apply to the Sellers transaction, a 1099 is required to be issued on the sale.
The Internal Revenue Service requires the Buyer to withhold tax from the Sellers proceeds if the Seller is a foreign person. This affidavit is used to inform Buyers that a Seller is not a non-resident alien and withholding is not required.
Your proceeds will be available within one business day from close of escrow, either in the form of our escrow trust account check or a wire transfer.
That depends on the terms of the purchase agreement. Please contact your real estate agent prior to close of escrow to arrange for the transfer of keys to the Buyer.
Although we do everything possible to close on the day agreed upon by the Buyer and Seller, delays can be caused if:
- Information or conditions have not been provided to the lender in a timely manner
- Termite repair or other work requirements have not been completed on time
- Liens or judgments have not been cleared