Overview
You have the right to choose.
Pacific Coast Title is synonymous with customer service and attention to detail with regards to our title insurance products. Pacific Coast Escrow services are no different. Our escrow services are specialized to serve all purchase and refinance transactions with the consideration and care they deserve.
Count on Pacific Coast Escrow to deliver quality service for your next purchase or refinance transaction.
What is Escrow?
Escrow is a deposit of funds, a deed or other instrument to a neutral party (called an Escrow Officer) for delivery to another party upon completion of a transaction or event. In a home purchase, when you take out a mortgage to buy your home, you will open an escrow account.
Why is Escrow needed?
Escrow is assurance that no funds or property will change hands until all the instructions for the transaction have been followed and completed. The escrow agent is obligated to protect all funds and documents while in his/her possession and expend only when all conditions of the Escrow have been achieved.
What happens in Escrow?
The buyer, seller, lender, borrower, the principals, will create escrow instructions, generally in writing, to be signed and delivered to the escrow officer. Normally, if a broker is involved, she/he will provide the Escrow Officer all necessary information for the creation of your escrow instructions and documents.
The Escrow Officer will process the escrow according to the prepared instructions. After completion, and when all conditions required by the escrow have been achieved, the escrow will be closed. Escrows are all handled in a similar fashion with differences tailored to your property and transaction.
What duties does an Escrow Officer handle?
The Escrow Officer performs many duties, which may include, but are not limited to:
• Adhering to the instructions set forth by the principals and all parties to the transaction
• Processing the Escrow in a quick and efficient manner
• When all terms have been complied with, closing the Escrow
• Paying all authorized bills, fees and charges
• Disbursing funds in accordance with instructions
• Providing the Closing or Settlement Statement
How is the Escrow Holder chosen?
An Escrow Holder is normally chosen by agreement between the buyer and seller. If a real estate broker is involved in the transaction, they may recommend an Escrow Holder. The principals in the transaction have every right to use an Escrow Holder they feel is best suited for their type of transaction. Laws prohibit the payment of fees for referrals.
What is my role in the Escrow process?
Read and understand your escrow instructions. Any questions regarding your instructions should be directed to your Escrow Officer.
Always remember your Escrow Officer is not an attorney, cannot practice law, cannot offer legal advice and cannot relate personal opinions about the transaction. Your Escrow Officer follows the instructions set forth by the principals to the escrow. Always respond to correspondence quickly to assure the timely closing of the transaction. Deliver funds into the escrow in the form required by the Escrow Officer. Procedures differ depending on the company. Be sure to check with your Escrow Officer for specific instructions on the handling of such funds. Personal checks used for delivery of funds may severely slow the closing process, possibly a week or more.
Your Escrow Officer will need to know early in the process of any immediate or special need you may have on the day of the closing, such as checks, wires, title policies and statements. Every effort is made to meet client expectations.
Your Loan and Escrow
If a new loan is being obtained, your Escrow Officer will contact your lender. Escrow will provide your lender with the escrow instructions, the preliminary report and additional documents as requested. When processing any closing, the Escrow Holder is required to comply with the lender's instructions.
Some lenders now forward their loan documents to the Escrow Holder for signing. These documents are lender documents and cannot be interpreted or explained by the Escrow Officer. You may request a representative from the lender’s office to be present to answer any questions you may have regarding the documents or make arrangements with the lender to sign the documents in their office.
The closing statement is a written record compiled at the close of escrow that itemizes the charges and credits of your account. Items shown on the statement will include:
• Purchase price
• Funds deposited or credited to your account
• Payoffs on existing encumbrances and/or liens
• Costs for all services
• Funds you are entitled to at the close of the escrow
When you receive your closing papers, carefully examine the closing statement. It is straightforward and reflects all financial aspects of your transaction. Any questions or concerns should be directed to your Escrow Officer.
Thoroughly examine ALL of the closing papers since they may contain a refund check. Quickly cash/deposit the check, making sure it is endorsed by all payees.
Safely store your closing statement and all other escrow papers for income tax purposes. The closing statement will assist your accountant with needed information about the sale or purchase of the property. The IRS and other agencies may require you to prove your costs and/or profit on the sale of any property.
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Pacific Coast Title Company • Office.: (925) 251.1050 • Customer Service: lwaite@pacificcoasttitle.com
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