Opening An Escrow -- A Checklist For Success
- You will need to provide your escrow office with the following:
- Address of the property
- Assessor's Parcel Number
- Name of party in ownership and purchasers
- Name of existing lienholders and type of loan (VA, Conventional, etc.)
- Direct which liens are to remain and which are to be paid in full. Name, address and loan number of existence lienholders (Last coupon in client's payment book is helpful). Request a 30-day notice letter if an FHA loan is being paid off.
- Full names, address (inclusive of zip codes) and phone numbers of parties involved. This includes buyers, sellers, real estate agents, and any new lenders with the name of the loan officer.
- Vesting - how buyers want to take title. Correct spelling of entire name.
- Amount of buyer's initial deposit. Direct whether funds are to be deposited into escrow of held in the broker's trust account.
- Amounts of commission.
- If a termite report is required, provide information as to who is paying the fee. If corrective work is required, promptly order and deposit into escrow.
- If there are rents to prorate, leases to assign and/or a Bill of Sale to be drawn, secure and deposit into escrow a rental schedule showing amounts of deposits and rents prepaid.