Escrow 101 Tag

08 Jul Loan Documents are in Escrow. We’re Ready to Close Then, Right? Not Necessarily…

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As the close of escrow date draws near, the buyer and seller are usually eager to close. And, loan documents arriving in escrow represent a big step towards the completion of the escrow and the transition of the property to the new owner. ...

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24 Jun Reappraisal Exclusion Program–Tax Savings For Sellers 55 And Over

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To help homeowners over the age of 55 be able to afford to move to a different home in California or purchase a “move down” home and not suffer an increase in property taxes, Propositions 60 and 90 were passed. The Propositions, also known...

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10 Jun An Explanation of Property Tax Prorations in Escrow

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One of an escrow officer's simpler jobs is calculating the amount of property tax that is payable by the buyer and the seller on any given real estate transaction. One of the agent's tougher jobs can be explaining to the buyer why they may get...

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13 May Life of an Escrow – Buyer's Perspective

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When purchasing a home the escrow process can appear to be complex, especially for a first time home buyer. Following is an overview of the escrow process from the buyers perspective: Escrow is officially "open" once the Escrow Holder receives a purchase contract signed by both...

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22 Apr Escrow 101: Foreclosure and Short Sale Terminology Explained

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Short sales and foreclosures are the current hot topic in real estate with many of these types of transactions coming across the Escrow Officers desk. Foreclosures and short sales are often confused but they are two distinct processes supported by their own individual terminology....

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04 Mar Understanding the Statement of Information Form From Escrow

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What is the Statement of Information? Upon the opening of escrow, Buyers and Sellers receive their initial escrow package - the Statement of Information (also known as the Statement of Identity) is included in this package for completion and return to the escrow holder. The statement of...

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18 Feb What is RESPA And What Affect Does It Have On The Real Estate Transaction?

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How would you react if you had a limited amount of funds in the bank to pay for closing costs and then were hit with hundreds of dollars in extra "unexpected" closing costs? This is a problem that the Real Estate Settlement Procedures Act (RESPA)...

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