I work closely with the buyer’s agent, lender, and title company to ensure that all inspections & documents are handled in a timely manner.
Sit Back…Relax and let US take care of everything for you!
A neutral third party that collects and holds onto all the funds and documents needed for the closing process
(in Hawaii this is usually the Title Company)
The funds/documents collected includes the down payment from the buyer, the lender’s funds, documents for your loan, hazard and title insurance, inspection reports, & the grant deed)
At the close of escrow once all conditions are met in the contract, escrow will deliver all documents and funds to the correct parties
Interests of all parties are protected by escrow ensuring all conditions of the contract are met prior to closing
WHAT ARE CLOSING COSTS ANYWAYS?
WHAT COSTS DO SELLERS PAY FOR IN CLOSING?
Realtor Commission fees (usually 6% of sale price in Hawaii)
Settlement Agent Fee to Escrow Company for their services (around $1,050)
Title Insurance (around $1,500)
Transfer Tax to State
Survey (around 700) /Termite Inspection & Treatment (around 400-1,500)
Attorney Preparation Fees for Deed (around 155-200)
DUTIES OF ESCROW OFFICER
Requests preliminary title search to make sure the title is clear and free of clouds
Requests a beneficiary statement of debt or obligations that will be taken over by the buyer
Requests a payoff demand from beneficiaries when the seller is paying off debts
Complies with lender’s requirements
Ensure that contingencies of the contract are met
Prepares or secures the deed and other documents necessary
Prorates taxes, interest, insurance & rents
Prepares escrow instructions
Receives purchase funds from the buyer and loan funds from the lender
Records the deed and other documents necessary
Disburses funds as outlined in the instructions
(this includes charges for recording fees, real estate commissions, loan payoffs, pro-rations, title insurance)
Prepares final statement for all parties