Title & EscrowAgent and other players at closing

Escrow agent is selected by the buyer and defined in the purchase offer. An Earnest Money Deposit [EMD], or simply Deposit accompanies the purchase offer.If seller accepts the offer turning it to contract, the check must be delivered to the Escrow company by the listing agentand its receipt is sent to the buyer’s agentwithin three business days. Escrow Deposit may be made electronically. ‘Copy of the contract is sent to Escrow Agent to start the process of collecting documents and coordination with other players of the contract.

Due to digital transmission of purchase offer and acceptance of offer, proof of transmission of Earnest Money Deposit, either physical delivery or electronic delivery to the Escrow Agent and its receipt activates the contract.

In this era of digital movement of documents carrying digital signatures independently authenticated by third party, Escrow Agent is the neutral party relied on by all parties to the contract. This is the virtual meeting place where money is taken from the buyer and distributed to all involved partiesas per contract. Transfer of property isfiled with County office. Escrow agent pays or retains fees and taxes for the county government, the state government, and the IRS on behalf of the parties to the transactionfor distribution.Escrow Agent also sends reportof the transaction to the IRS,the State and the Homeowners Association.

Escrow company is in close contact with the lender for the loan, and getsfinal version of the settlement statement prepared from lender. This is to ensure that the lender charges it fees, applies the interest rate applicable, and funds loan for the buyeronthe day of closing.

Make sure that the buyer and his/her agent do take final walk through on the morning of closing day, and that your agent is preferably present. It is good idea to document the walk through right on the spot and have the buyer sign off to take transfer of the property without reservations.

Nothing shouldeverbe promised or committed to be done after the closing and settlement on transfer of the propertyeven by erroneous insinuation of a wink.

Do plain honest transfer of property with handshakes at theclosingin exchange for cashier’s checkpreferably.In these days of digital transfers, the property can be transferred without seller and buyer coming on the physical settlement table, and so is money transferred electronically.

It is the role of Title and Escrow company that contract between two parties closes smoothly.

DO NOTIFY…

• Utility companies fortransfer accounts.
• Post office to re-direct your mail to your new address.
• Management company of Homeowners Association regarding sale of property to new owner.
• Address change to your friends, relatives, office, bank, credit cards, DMV, insurance companies, post office, etc.