QUESTION: Who is entitled to select the Title Company in a transaction? Buyer, Seller or totally negotiable? Who is designated to select the closer? If Buyer, where in the contract does it state that? ANSWER: Selection of both the title company and the closing company is subject to the …
The Commitment should ALWAYS be reviewed in its entirety. A quick scan could cause you to miss important information that could delay the close of escrow. In most cases, when liens or clouds on title are discovered early in the process the Title Officer can work with the parties …
Frequently repair work is done on property prior to the closing of a sale. What if the seller doesn’t pay for the repair work and a Mechanic’s Lien is recorded after the closing? Keep in mind that the priority of the mechanics lien is established when the work begins, not when …
Escrow Checklist for Real Estate Agents Provide a copy of the fully executed contract including legal description and tax parcel number. Make certain to provide all addendums as soon as possible. * Provide complete broker Information including address and licensing information. * Contact information for Buyers and Sellers. …
Common Ways to Hold Title Title to real property may be held by a single individual or entity, known as Sole and/or Separate Ownership, or by two or more individuals and/or entities known as Co-Ownership. Following is a brief list of common ways to hold title. Ownership and tenure of …
Tip from the Escrow Desk Did you know that utilities cause more post-closing phone calls than any other aspect of a Purchase & Sale Agreement? In a seller’s market, such as what we’re experiencing now, delayed possession is common. Due to this, many contracts include a delayed possession rental agreement. …
