Choose your Escrow company carefully
Consider their fees, recommendations from others
who've used them, location (since you'll most likely
have to go to their office to sign the final
papers), and size (a large staff doesn't always mean
a better company, but it may mean quick and
efficient service).
Determine before you sign a listing or sales
agreement whether it contains clauses or wording
requiring you to use a certain escrow company.
While the escrow officer is never, on your side, you
want to make sure that person isn't on someone
else's side either.
Make sure your buyer has been approved for financing
ahead of time. Otherwise delays in the loan-approval
process can extend your closing.
Investigate whether your property may be subject to
any liens which may impede title transfer.
Particularly if you have owned your home for a long
time, there may be liens attached from the past that
you weren't aware of.
Make sure all necessary inspections are completed by
qualified inspectors.
Understand All the Parts of Your Escrow
Make sure you understand all the requirements and
steps of your escrow and are ready to act with no
delays
Escrow does:
Escrow does not:
-
Examine the property
-
Secure financing
-
Order inspections
-
Give advice
Examine Your Closing Cost
Unexpected closing costs are one of the easiest
ways to eat up the hard-won profit you thought you
were making on your home sale.
Make sure the only closing costs you pay are the
ones you agreed to up front or along the way and
that you’re not suddenly picking up part of the
buyer's costs or paying for something that wasn’t
actually done.
By following this in-depth guide, you can rest
assured that when you receive your settlement check,
you’ve gained the maximum benefit from your home
sale.
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