Tying Up Loose Ends

You found the house of your dreams and received financial approval so what’s the next step? It’s your job to find an Escrow Officer to help close the sale. This can be one of the most important steps in your escrow and closing process. If your closing is handled wrong it can cause complications, delays and headaches on all sides. So what do you look for in an escrow officer? Well, you can ask family and friends who have recently bought property who they used. See what kind of reputation they have. If your family and friends had all their expectations met. Find out if the agent answered phone calls promptly, explained details in plain language that was understandable, knew what they were talking about and were professional and courteous.

What kind of experience should they have? For the seller, they order and review a title sale search report. This report may require more information or payoffs to creditors associated with the property. It should report any liens against the property. Vital documents that should be handled are the appraisal, final credit report, employment and funds, verification or promissory note and the lender’s instructions regarding closing costs. The escrow agent should be proficient in all the above procedures. Do they have a good working relationship with lenders? Are they experienced in handling title problems that could be found in a title report? Are they experienced in handling loan documents?

You should find an agent with easy access to their location. You’ll be working with this person on a day to day basis throughout a 30 to 60 day period. Try to select an agent with an office that is convenient to your home or office so you can reach it within a reasonable amount of time. This person will be complying with the terms and instructions that you give them plus keeping your funds safely deposited in an escrow account. They need to be confidential, knowledgeable and be ready to answer any questions that you may have.

What kind of fees are charged? Fees differ from state to state as well as the decision who pays the fees. Who pays the fees should be determined way ahead of the closing and before choosing your agent. You will want a reputable escrow agent who also charges reasonable fees. Some fees, such as recording fees, transfer tax fees are non -negotiable and will be the same statewide. Other fees such as title insurance fees and escrow fees can be different from company to company.

Escrow exists to help you with your transition and to protect your interest from the start of the process to the finish. Choosing the right escrow agent that does the work for you and you’re comfortable with can be the most important part of your real estate purchase

By Linda Lee Ruzicka

Linda Lee Ruzicka lives in the mountains of Western PA , happily married and with her 8 cats and three dogs. She has been published in Twilight Times, Dark Krypt, Fables, Writing Village, June Cotner anthology, The Grit, Reminisce , the book, Haunted Encounters: Friends and Family. She also does freelances work for Beyond andRealestatejobsite. You can read more of her blogs on Realestatejobsite blog.