What You Should Know About Opening Escrow

Tips for buyers and sellers when opening an escrow.

Opening escrow can be a little confusing, especially if you are buying or selling your first house. To help ensure that the process gets off on the right foot, keep these simple tips for buyers and sellers in mind.

Both parties should:

  • As soon as you sign the opening document package, sign and return the forms.
  • Let your escrow officer know if you will be out of town or will use a Power of Attorney to sign the documents.
  • Respond as promptly as possible to all requests of your escrow agent and lender.

Sellers should:

  • Talk with your escrow officer if your spouse has recently died, you are getting a divorce, or if there are any special circumstances of how your proceeds will be disbursed.
  • Let your escrow officer know if you are involved with any negotiations with your current lenders or any estate or legal proceedings that may affect the property.
  • Make sure that all repairs and inspections are ordered as soon as possible. Properly coordinating with your agent will help to ensure that your property is always ready for appraisers or inspectors to come by.

Buyers should:

  • Let your escrow officer know the name of your lender and cooperate with your lender by providing them with any requested information as soon as possible.
  • If you do not have fire insurance through your new homeowners association, call your insurance agent and pass along your agent’s name and number to your escrow officer.
  • If you are not able to sign the loan documents during normal business hours or need a translator, let your escrow officer know in advance.

For all of your real estate and escrow needs when buying or selling your next house, contact Eastland Escrows in Covina, California.

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