My guest is here today to give you an in-depth look at what the escrow process entails.
During a real estate transaction, you’ll have to go through escrow. But what exactly does escrow mean? I’m here today with Angela Weaver of West Coast Escrow, and she’ll be telling you everything you need to know about this part of the real estate sale.
Escrow is a neutral third party that works on behalf of both buyers and sellers in a transaction. They also work directly with agents and lenders. Angela is basically the glue that holds everything together—everyone can go to her with questions, concerns, and more. She handles title work and coordinates the entire transaction.
Escrow typically opens after you negotiate a purchase contract with your buyer. Your escrow company will reach out to you so you can set up an appointment and sign your papers. Angela likes to meet with her buyers and sellers in a face-to-face setting so they become comfortable with who she is and what she does.
Sellers should bring in their current mortgage information statements, driver’s license, and information in regard to any bank account they want their proceeds wired to. When it comes to payment, they’ll offer wiring and check options. During the meeting, you’ll review documents and items will be notarized. You can also ask any questions you have about the transaction.
Escrow will have you sign the grant deed ahead of time—before the transaction is actually completed. Some people get nervous and mistakenly believe they’ve signed over their home before the process has finished, but it’s not the case. Escrow will hold any and all recordable documents from buyers and sellers in a locked file. When the transaction is complete, they can then send the documents down to the county to be recorded. They are bonded, licensed, and insured in order to keep your file secure.
If you have any other questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.