Escrow Services
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Receiving and holding all monies, instructions and documents pertaining to the purchase.
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Serving as a communication link and liaison between all parties.
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Requesting a preliminary title search and report to determine the status of title to the property.
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Requesting a beneficiary statement or payoff demand from existing lenders.
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Holding inspection reports, deeds and insurance documents.
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Complying with the lender's requirements in its instructions to escrow.
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Preparing or obtaining the grant deed.
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Prorating taxes, interest, insurance, rents and other costs related to the company.
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Requesting the deed and other documents.
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Requesting the title insurance policy.
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Closing the escrow according to the instructions of the buyer, seller and lender.
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Disbursing funds as authorized by the instructions, including charges for real estate commissions, loan payoffs, title insurance, taxes, recording fees and other costs.
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Preparing final statements of disposition of all funds.
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Escrow Services:
Frequently Asked Questions
Q: Why do I pay interest from the day before closing on my new loan?
A: The California Good Funds Law states that all funds must be deposited with the title company the day before recording. Interest begins to accrue from the date of deposit.
Q: If I already made my March mortgage payment, why am I paying interest from March 1st?
A: Interest is paid in arrears.
Q: What cities have transfer tax in Sonoma County?
A: Santa Rosa, Petaluma, Sebastopol and Cotati at $2.00 per thousand and Rohnert Park and Cloverdale at $1.10 per thousand.
Q: What period do property taxes cover?
A: 1st Installment taxes cover July 1st through December 31st. 2nd Installment taxes cover January 1st through June 30th.
Q: If my 1st Installment taxes do not have to be paid until December 10th then why do I have to pay them at close of escrow on November 1st?
A: The 1st Installment taxes become due November 1st therefore they are due and payable at the time of close of escrow.
Q: If the termite work is not done by close of escrow and the money must be held from the seller's proceeds do we have to notify my new lender?
A: Yes. In order to hold funds in escrow we need mutual instructions from both buyer and seller. Any instructions given by the buyer must be approved by their lender.
Q: If I am not paying for the termite report, why do I have to sign it?
A: Both buyers and sellers must sign all reports and inspections deposited into escrow regardless of who is responsible for payment.
Q: If the title company records first thing in the morning, why is it that I cannot pick up my proceeds check until after 12:00?
A: Due to the large number of title companies it takes several hours for the county to report to the title company that the documents are confirmed recorded. The title company cannot release funds until this confirmation is received.
Q: Why do I have to give a thumb print now? I never had to do it before.
A: As of January 1st 1996 The Secretary of State made a requirement that all parties executing a Deed or Deed of Trust must provide the notary with a thumb print.
Q: If I owned my property before I was married why does my current spouse have to sign an Inter spousal Deed?
A: California is a community property state therefore an Inter spousal Deed must be executed to eliminate any possible or potential community property interest at the time of the sale.
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