Escrow Thursday: What Do I Do While in Escrow?

What Do I Do While in Escrow?

The key to the escrow transaction, as with any transaction as important as your sale, purchase or loan, is to read and understand the escrow instructions. Ask questions if you do not understand them. The escrow officer is there to follow the instructions given by the principals in the escrow. They can answer all of your questions concerning those instructions. However, do not ask them for legal advice. They are not lawyers nor are they licensed to practice law and can give no legal advice. The can answer any and all questions about the escrow documents and instructions.

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 any and all correspondence. This will assist in the timely closing of the transaction. Nothing slows down an escrow more then a question that is not answered.

If you are to furnish funds to the escrow for closing, make sure they are “good” funds in the form required by the escrow officer. Company procedures vary in this regard, and there are many ways 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 even a week or more to clear.

 

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