Common Contract Mistakes Seen in Escrow

Avoid making these common mistakes during the escrow process.

Any homeowner will vouch for the fact that the lead up to buying and securing a home can be stressful. After all, there is so much to remember and important transactions to be made. One of the latter will be to move money through escrow. So that you avoid common contract mistakes that are often seen during the escrow process, read on.

 

The legal description is missing.

An initialed legal description is one of the most important components of the contract. It identifies the property which is the subject of the transaction. Should the parties end up in a legal dispute, the judge may throw out the case based on not having a valid legal contract, if the legal description is missing.

 

The parties are not identified.

It’s simple enough, but many people forget to provide the buyer and seller’s full names. This allows escrow to quickly and accurately setup the transaction as well as order title insurance and send out the opening information. When full names are not provided, delays quickly occur and can hold up the process for some time.

 

There are forgotten addendums.

Remember to always send escrow all addendum to the contract. This includes inspection response changes and any other contract amendments that might be done after the initial contract is sent to escrow.

 

Escrow isn’t always straightforward, so it pays to have the experts on your side! Be sure to contact Eastland Escrows for your ideal service! Our trusted escrow professionals service Covina and the surrounding areas in California with quality escrow services.

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