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| Frequently Asked Questions | |||||
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What do I have to do while in Escrow? The key to any transaction as important as your sale, purchase, or loan, is to READ, and UNDERSTAND your escrow instructions. If you do not understand them, you should ask your escrow officer to explain the instructions. Your escrow officer is not an attorney and cannot practice law; you should consult your lawyer for legal advice. Do not expect your escrow officer to advise you as to whether or not you have a "good deal" or are doing things the right way. The escrow officer is there to follow the instructions given by the principals in the escrow. In order to expedite the closing of the escrow, you should check with your escrow officer as to what specific items you could do to assist. Ask the question - "What can I do to expedite the closing of this escrow!" Respond quickly to correspondence. This will assist in the timely closing of the transaction. If you are required to deliver funds into the escrow, make sure that you provide "good funds" in the form required by the escrow officer. Company procedures differ in this regard, and there are ways that you can help at the time of closing; check with your escrow officer. Do not give the escrow officer a personal check, and expect the escrow to close immediately. The escrow can only close on cleared funds, and the processing of a personal check can take days, possibly a week or more. When the escrow officer closes the escrow, you may want the closing papers, checks, title policies, statements, etc, made available immediately. There are many aspects to the closing of the escrow, and some of these cannot be processed on the day of the closing; they may take several days. If you have a special need, for example a cashier's check on the day of closing; you should communicate that need to the escrow officer early in the processing of the escrow.
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Copyright © 1999 Golden Escrow, Inc.
All Rights Reserved. |