Escrow Checklist :

􀂉 A copy of the Seller’s existing title policy, if possible. If the policy is not available, provide the Escrow Officer with the following: ____ Legal description and/or address of the property ____ Assessor’s Parcel Number (APN) ____ Name of party in ownership ____ Name of existing lien holders and type of loan.

􀂉 Direct which liens are to remain and which are to be paid in full. Provide the name, address and loan number(s) of existing lien holders. Request a 30-day notice letter if an FHA loan is being paid off.

􀂉 Full names, addresses (including zip codes) and phone numbers of parties involved. This includes buyers, sellers, real estate agents and any new lenders with the name of the loan officer.

􀂉 Vesting – How buyers desire to take title. Include the correct spelling of each buyer’s name.

􀂉 Consider the issue of required owner occupancy for residential property.

􀂉 What will the amount of the Buyer’s deposit be? Direct whether funds are to be deposited into escrow or held in the broker’s trust account.

􀂉 Include information on the amounts of commission and breakdown of payments.

􀂉 Inform the Escrow Officer of the type of property (Single Family, land with mobile home, etc.)

􀂉 If a termite report is required, provide information as to who is paying the fee. If corrective work is required, promptly order and deposit into escrow.

􀂉 If there are rents to prorate, leases to assign and/or a Bill of Sale to be drawn, secure and deposit into escrow a rental schedule showing amounts of rents, date rents are paid and the amount of security/cleaning deposits to be credited to buyer. An inventory of personal property for the Bill of Sale and copies of all leases to be assigned should also be provided to escrow.

􀂉 Inform the Escrow Officer of all items to be prorated and the proration date.

􀂉 If there is a Homeowner’s Association, provide us with the name and address of the management company.

􀂉 Provide us with the hazard insurance agent’s name and phone number. Promptly order and deposit into escrow.

􀂉 If a loan is remaining that has an existing trust fund for taxes and insurance, direct how said account is to be handled.

􀂉 Submit all terms of notes and security documents to be typed by escrow officer.

􀂉 Direct who is to receive copies of the preliminary title report and the number of copies to be sent. Provide information as to whether copies of the tract restrictions or CC&R’s are required.

􀂉 Discuss all closing costs and who will be responsible for each.

􀂉 Communicate all contingencies and conditions required prior to closing.

􀂉 If the Seller is a non-resident of California, contact your escrow office immediately as additional disclosures may be required.

􀂉 If Seller or Buyer is a corporation, submit the Articles of Incorporation, bylaws, and a corporate resolution authorizing the sale or purchase of the subject property.

􀂉 If the Seller or Buyer is a partnership, submit a copy of the partnership agreement and a copy of the recorded statement/certificate of partnership.

􀂉 If the Seller or Buyer is a trust entity, submit a copy of the trust agreement and a signed verification of trustee.

Escrow Checklist for Sellers:

  1. Verify the escrow company received a copy of the offer to purchase real estate.
  2. Verify the escrow company received the earnest money deposit.
  3. Obtain a prequalification letter from the buyer.
  4. Obtain proof of funds sufficient to close from the buyer.
  5. Review escrow instructions provided by the escrow company.
  6. Complete the Sellers Disclosure packet & provide to the buyer.
  7. Verify escrow has ordered the preliminary title report, termite certificate, natural hazard disclosure report, and the HOA docs and HOA transfer fee, if applicable.
  8. Verify the buyer scheduled the appraisal so that the appraisal contingency can be removed.
  9. Verify with the buyer that the loan and loan contingency removal is on track.
  10. Facilitate the buyer scheduling inspections, such as the general home inspection, termite inspection and any special inspections (roof, mold, fireplace, etc.).
  11. Complete any paperwork required by the escrow company, such as the FIRPTA affidavit, wire transfer instructions, commission instructions, and deed transfer documents.
  12. Respond to any Requests for Repair.
  13. Receive the signed copy of the Seller’s Disclosure packet from the buyer.
  14. Receive the signed Contingency Removal form removing all contingencies from the buyer, on or before the contingency removal date.
  15. Review estimated closing costs and resolve any questions.
  16. Schedule the final walk-through date/time with the buyer.
  17. Hold the final walk-through with the buyer.
  18. Confirm the escrow company has everything it needs for closing escrow.
  19. Confirm with the escrow company escrow has closed.
  20. Confirm with your bank that seller proceeds were transferred to you from the escrow company.

Escrow Number: _________________

  • Provide a copy of the fully executed contract.
    • Are there any addendums (please provide as soon as possible)?
  • Provide complete Agent and Broker Information including address and licensing information.
  • Contact information for Buyers and Sellers.
  • Address of the property.
  • Purchase Price.
  • Loan amount (always communicate any changes in the loan amount).
  • Close of Escrow (always communicate any changes in the close of escrow date) .
  • Confirm buyers names, and marital status and or entity that is taking title.
    • How will the buyer take title to the property?
  • Confirm that the buyer and seller have proper ID and names on the contract match the names on the ID .
  • Commission Demand Statements from Listing and Selling Brokers.
  • Who is paying the (County/City) transfer tax?
  • Who is paying for the NHD Report? Submit a copy of the Invoice.
  • Who is paying for the Home Warranty? Submit a copy of the Invoice.
  • Are there any Seller Credits (closing costs/repairs)?
  • Provide a list items paid outside of closing (appraisals, inspections, credit reports).
  • Will there be a Rent Back?
    • Provide terms of the rent back to escrow.
  • Provide the contact information for the Buyers fire/hazard Insurance.
  • Provide other terms depending on the location:
    • Sewer Lateral, gas shut off, forms required by the city/county, repairs, inspections etc.
  • Is there an HOA? If so, who will provide document and transfer fees?
  • Does this home qualify as the Seller’s primary residence?
  • Will the buyer or seller need a mobile notary(ies)?
  • Solar panel system? Inform Escrow Officer if leased or owned.

Contact Escrow Officer or Account Executive if you have any questions.
Please ask them for information on common ways to hold title, potential property tax discounts for seniors, title insurance, the escrow process and more.

Communication = Closings

(408) 6219920 (408) 9881138
2350 Mission College Blvd Suite 242 , Santa Clara, CA 95054

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