As every real estate professional knows, there are many moving parts to every transaction. But once the contracts are signed, the inspections are done, the repairs have been made to the buyer’s satisfaction, and the loan has been approved, the last thing anyone wants are escrow issues that delay the closing.
As your escrow partner, we do everything in our power to move the process along smoothly and facilitate a timely closing. As the other half of the partnership, we encourage you to refer to this checklist to help ensure against last minute hang-ups:
• Will any of the principals be using a Power of Attorney?
• Are any of the vested owners deceased or incapacitated?
• Have any of the principals recently filed for bankruptcy?
• Has there been a change in marital status of either buyers or sellers?
• Is the property currently vested in a trust?
• Is there a life estate in place?
• Does the transaction involve a short sale?
• Are there any liens or judgments against the property owners?
• Is there a foreclosure in progress?
• Have any easements been obtained or given since the purchase of the property?
• Are there encroachments?
• If there is a homeowner’s association, and if so, are the dues current?
The sooner we are made aware of any red flags that could potentially cause a delay, the faster we can seek and find the necessary solutions. Please call your escrow officer regarding any questions or concerns.
Barbara Pronin is an award-winning writer based in Orange County, California. A former news editor with more than 30 years of experience in journalism and corporate communications- compliments of RISMedia.