In terms of real estate, there are a number of terms that are not clarified among individuals who are not really on the field. If you are a first time purchaser, you might have a hard time knowing the terms like For Sale By Owner, short sale, foreclosure, and a lot more. Among these terms, close of escrow can be considered as own of the most unknown term among first time buyers. So for additional real estate knowledge, here are several facts that you must know about close of escrow.
First of all, close of escrow is something that a real estate agent would like to hear. This is because it means that the sale is already on its closing stage. This process will assure both parties that unknown changes will not happen in within the transaction that would compromise both parties.
Aside from the buyer and the seller, closing of escrow is the duty escrow services. They are the ones who are in charge of getting the needed documents in order to close the deals. Basically, they are the people who can make the lives of the buyer and the seller easy since they will not process the documents.
These escrow services should also be responsible enough to take care of things on time. They should also be knowledgeable about the whole escrow process and should handle any funds properly.
The whole closing process would need the titles, check payments if there’s any, and other legal statements needed to be check. One of the most important documents also is the closing statement. This document notes all the amounts and accounted charges needed for transferring the property. Examples of the information on a closing statement are the amount of the house and credits. Make sure that you will check the closing statement properly before agreeing or closing it. If you will see any discrepancy, the escrow service will be able to answer your questions or disputes. Keep in mind to keep this document, as it is very important and might be needed in the future.
Escrow services will charge you differently. At the same time, the charges are different depending on location so even before you get one, it is better if you would still shop around in order to get the best value for these services.
Is It Possible That Closing Of Escrow Will Undergo Cancellation?
As much as possible, once the process of escrow closure is started, it should not be cancelled. However, it is inevitable that either of the parties may have some issues with the agreement. Cancellation may be finalized once both of the parties agreed to do the cancellation.
Knowing these facts is very much important in getting a property. So if you are going to purchase a property, better ask your real estate agent about the whole closure of escrow process. You may also ask them for the most recommendable escrow services available.