8 Steps to A Succesful Escrow
Ask for your ESCROW REFERENCE NUMBER to use for all future communications.
READ the Commitment for Title insurance or Preliminary report. if you do not understand an item, contact your escrow or title officer.
COMMUNICATE with your escrow officer, keeping him/her informed of all related issues such as payoffs, releases, loan approvals, etc.
INFORM your escrow officer of any changes. Make sure all changes are in writing. remember, with rare exceptions, escrow officers act only on mutual instructions.
UNDERSTAND the tax calendar, debits, credits prepaid interest, impounds, etc. ask questions if you do not understand. Familiarize yourself with typical closing costs.
ALLOW TIME for your escrow officer to review the loan documents prior to the signing appointment.
7. Make sure that FUNDS are deposited into escrow on time. (Closing funds are by certified/ cashier’s check or wire.)
8. CHECK all documents upon receipt and before returning them to verify the following:
- Changes are all initialed. -Signatures are correct, signed exactly as
shown, with middle initials and spelling.
-Notaries, when required, are completed and the seal is clearly placed.
- Vesting is shown correctly. - Addresses and phone numbers are
supplied for all future correspondence. q Addendums are executed.