Title & Escrow; What to expect when you're the seller.
PROCEEDS CHECK: Your check will be issued after the escrow cloes and title transferred to the new buyer. It is never issed at the same time you sign your final papers. Your check will be a Title Company Trust Account Check drawn on a local bank. You can pick up your check yourself, authorized someone else to pick it up for you, (tell the title company first) or ask the title company to mail it to you. If they mail it, it usually goes Certified Mail. sometimes thay can deposit it directly into your bak account. Ask for this (usually free)service if this would be most convenient for you.
You can instruct (in writing of course) to pay any portion of your proceeds to someone else. Please note that there is typically a fee for this service.
SIGNING PAPERSYour appointment should take ten to twenty minutes, depending upon the complexity of your transaction and the number of questions you may have. It is always advisable to have your agent present to assist with any un-resolved issues or handle unforseen problems that may arise.
END OF THE MONTHYour patience is appreciated especially if your appointment is scheduled for the last week of the month. Please Uunderstand that title and escrow companies are forced to schedule appointments very close together at the end of the month, and if any transaction has a last minute change, it simply takes longer.
ESCROW INSTRUCTIONS:The escrow instructions are designed to say the same thing as the original purchase agreement-it's just a different way of saying it. While the Purchase Agreement is an agreement between the buyer and the seller, the Escrow Instructions are worded in such a way to give the Escrow Officer the authority to do the work required to close; e.g. prepare to insure title, draw the Deed and other documents. There should be nothing in the Escrow Instructions that conflicts with anything you have already agreed to.
IDENTIFICATION:The Escrow Officer will ask for your identification. Please be prepared to provide a Driver's License or some other recognized form of photo identification. If you have questions as to acceptable forms of ID, contact your agent or Escrow Officer immediately.
DO'S AND DONT'S:DO ask questions about anything you're not sure of.
DON'T ask the Escrow Officer for advice.
DON'T ask the Escrow Officer to draw up legal Documents that are not part of the escrow. They are not attorneys and cannot draw legal Documents or give legal advice.
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