What to Be Aware of When Looking for Escrow Closing Services
The escrow company is a neutral third party that prepares the real estate transaction documents, collects and holds monies, sets forth written instructs for the buyer and seller and provides a smooth closing to the deal. Sometimes a buyer purchasing a vacation home will not have a choice in choosing their escrow company if the listing agent has made the stipulation in the buyer's agreement to use their preferred escrow agency. However, when you do have control over your choice of escrow company, there are a few tips to finding the right escrow office to meet and exceed your second home buying needs.
Before you enter into contract, be sure that the escrow office is located in a place that you will have access to. The hours of operation and traveling time play a key role in convenience to ensure that you meet your deadline with signatures and presenting your documentation. Ask your escrow officer if they have extended hours or may offer the services of an assistant to travel to your home or workplace.
2. Escrow Services.
To avoid unnecessary delays, be sure to obtain clear instructions from your escrow officer as to what documents you are responsible to provide and the timeline you are given to get everything signed and notarized for a smooth transaction. A checklist is helpful to assist you to collect your documents and meet your deadlines. Your escrow company will order a title search, review reports, investigate for liens and back taxes, process the loan documents, verify that funding has cleared, collect signatures from buyer and seller, and requisition a beneficiary statement.
3. Disclosure of Escrow Fees.
Escrow companies are as competitive as any other branch of the real estate industry, offering their services for reduced and reasonable rates. It pays to take your time and investigate the escrow service fees and be sure you have a clear understanding as to the closing costs and which fees the seller will pay and which ones the vacation home buyer is responsible for. Real estate paperwork can be complex and exhausting, that's why most buyers turn to professional representatives. However, buyer beware that you are accountable when your notarized signature is applied to a document, so be sure your escrow office has excellent communication skills, explains the details carefully and cares about their clients. Your first phone call to an escrow office will set the tone of the officer's interest in his or her client with quality time given to the conversation, a friendly attitude, and a willingness to see you to the finish line.