The Closing Process/Escrow

My promise to you is great communication…I will keep you up to date during the entire closing process.  

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!

WHAT IS ESCROW?

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