Sellers
- Submit all escrow documents to escrow holder ASAP.
- Provide completed Seller Information Sheet and Statement of Information Sheet. Why?
- The Seller’s Information Sheet (SI) authorizes escrow holder to obtain loan payoff information and order HOA documents if required.
- The Statement of Information Sheet also allows the title company to eliminate any judgments, liens, etc., against the property and/or seller which do not belong to them but have the same name.
- When returning signed documents, send a check or credit card information (per the Escrow Officer’s instructions) for obtaining HOA documents and Water Retrofit report (if applicable), both of which are integral parts of the Due Diligence documents. Communicate with your Realtor for time requirements.
- Corporations should provide articles of incorporation, State filed Statement of Information and letter of Good Standing to identify the status and signers. LLC should likewise provide LLC-1 and LLC-12.
Buyers
- Deposit is to be in escrow within 3 business days from the date of acceptance. Wire transfer is most efficient to avoid any delays in processing; otherwise clearance of funds must be obtained to process the file.
- If obtaining a loan, minimize delays by providing lender information ASAP to the escrow holder- the loan can be the main cause of extended (delayed) escrow closings. Keep current with all of your Lender’s requests directly to you.
- Complete your investigation of the property and review all documents within the contingency period.
- Customary timelines for Due Diligence is 17 days, and Loan Contingency is 21 days. Talk to your Realtor in regard to your time limits.
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