Escrow and Closing

Writing an offer that is accepted by Seller is just the first step in the buying process. The next phase is managing the title/escrow process for smooth closing:

1. Review the finalized Contract and all Addenda and Counter Offers.

2.  Prepare Escrow Fact Sheet and Timeline to track contingency removal deadlines and specify necessary disclosures and reports needed.

3. Open escrow on behalf of Buyer and order of Preliminary Title Report; deliver deposits to Escrow/Title Company chosen by Buyer.  Robin can recommend an escrow/title company and title officer, Arlene Van Craeynest, Stewart Title, Mill Valley, if you are not familiar with one.

4. Coordinate appraisal, pest control and contractor’s inspection dates and personally attend all inspections.

5. Prepare pertinent documents for Buyer’s and Seller’s approval and acknowledgment.

6. Verify Buyer’s loan application has been submitted to Lender.

7. Review Preliminary Title Report and take action on any inaccuracies. Continually check with Title Company to assess when they need additional information and whether there will be any problems that  could affect the title.

8. Confirm existing loan payoff demands have been ordered by the Escrow Officer.

9. Review inspection reports and negotiate for any  inspection related credits requested by Buyer.  Prepare contingency removals and ensure pertinent documents are signed within the timelines specified in the contract (or cancel contract and ensure that Buyer receives full deposit back if credits cannot be negotiated).

10. Personally attend appraisal and supply appraiser with list of comparables to support sales price.

11. Contact lender to check for potential problems/delays in funding.

12. Supply Escrow Officer with closing instructions and ensure that Buyer provides remaining funds to Escrow Officer.

13. Confirm Buyer has arranged property fire/casualty insurance coverage.

14. Schedule Buyer’s signing of closing documents with Escrow Officer and personally attend Buyer’s meeting with  Escrow/Title Officer.

15. Arrange for and personally attend Buyer’s final walk though and transfer of information about appliances, heating etc. from Seller to Buyer.

16. Arrange key transfer pickup from Seller’s agent.

17. Confirm actual recordation of the property with Escrow/Title Company.

18. Deliver key to Buyer.