The
key to any transaction as important as your sale, purchase or
loan is to read and understand your escrow instructions. If you
do not understand them, you should ask your escrow officer to
explain the instructions.
Your
escrow officer is not an attorney and cannot practice law; you
should consult your lawyer for legal advice. Do not expect your
escrow officer to advise you as to whether or not you have a "good
deal" or are doing things the right way. The escrow officer
is there to follow the instructions given by the principals in
the escrow.
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 correspondence. This will assist in the timely closing
of the transaction.
If
you are required to deliver funds into the escrow, make sure that
you provide "good" funds in the form required by the
escrow officer. Company procedures differ 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.
When
the escrow officer closes the escrow, some of you may want the
closing papers, checks, title policies, statements, etc. Made
available immediately. There are many aspects to the closing of
the escrow, and some of these cannot be processed on the day of
the closing; they may take several days. If you have a special
need, for example, a cashier’s check on the day of closing,
you should communicate that need to the escrow officer early in
the processing of the escrow.
