Escrow Check List of Responsibilities for Escrow
Below is a great escrow checklist for closing real estate deals. We suggest we systemize things to make the process easy. Take a look below at some of the items that will be needed for most closing's.
Seller Escrow Checklist:
1) Escrow Instructions - Review with escrow officer and check for accuracy.
2) HOA information (if applicable) - Get HOA information and find out if there are any problems with the building. Make sure a condo cert has been ordered. Get all contact info and payoffs.
3) Confidential Statement of Information ? Must be fully and accurately filled out so the title company can complete their title search.
4) Certificate for 1099 Reporting - Make sure it is complete and signed.
5) Affidavit of Non-Foreign Status - IRS requires buyers to buy from a foreign seller to withhold 10% of the purchase price from the sale proceeds, this form shows that they are in fact a US Resident and of "Non-Foreign Status."
7) Grant Deed - Signed and Notarized. Make sure the names match title.
Buyer Escrow Checklist:
1) Escrow Instructions - Review with escrow officer and check for accuracy.
2) Confidential Statement of Information - Must be fully and accurately filled out so the title company can complete their title search.
3) Insurance Information - The lender will require at least fire insurance prior to funding. Designate an Insurance agent and supply contact information.
4) Preliminary Change of Ownership - Filled out and submitted to the County Recorders office at the time of recording the grant deed. Used by the tax assessors office.
5) Vesting worksheet - Showing how title will be held. Needs to be supplied to lender prior to docs.
6) HOA information (if applicable) - Get HOA information and find out if there are any problems with the building. Make sure a condo cert has been ordered.
"To be trusted is a sweeter feeling than to be loved."
-- Justin Tyme