Closing Process

Ashley will guide you through the entire purchasing process and keep you updated consistently. She will stay in contact with your Lender to ensure that the progression of the closing process is running smoothly and on time!

Once your offer has been accepted, you and the seller are now in contract and escrow will open to transfer the property

Ashley will obtain an Earnest Money Deposit from you to open escrow (this amount is usually $1,000 – $5,000 and goes towards your downpayment—you can loose this money if you back out of the deal)

Make sure you understand the financing terms for your loan—ask the lender for clarification, if needed

Keep your credit score stable by waiting to purchase any big-ticket items until after closing

Ashley will be in contact with your Mortgage Lender to ensure closing deadlines are met

Closing a loan is time sensitive so be ready to give financial documents in a timely manner and stay in town during the closing process for a smooth transaction (or let your lender and escrow agent know that you are going to be out of town!!)

If you have upcoming adventures please let US know so WE can plan accordingly, if documents aren’t signed ON TIME there may be additional fee’s from lender’s

A neutral third party that collects and holds onto all the funds and documents needed for the closing process

(this includes the down payment, 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

 DUTIES OF ESCROW OFFICER 

In Hawaii the Escrow officer is an employee of the Title Company

Requests preliminary title search to make sure the title is clear and free of clouds (meaning that they can guarantee you full ownership of the property)

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 through help of Ashley that contingencies are met to buyers liking

Prepares or secures the deed and other documents necessary

Prorates taxes, interest, insurance & rents

Prepares escrow instructions for buyer and seller so they know what is expected of them

Receives purchase funds from the buyer and loan funds from the lender

Records the deed and other documents necessary

Disburses funds as outline in instructions

(this includes charges for recording fees, real estate commissions, loan payoffs, pro-rations, title insurance)

Prepares final statement for all parties


 WHAT ARE YOUR DUTIES AS A BUYER? 

Securing a mortgage loan

Having an appraisal (unless other terms were agreed to in the contract)

Completing inspections on time (home, pest, survey etc.–note that typically buyers are usually only responsible for Home Inspection ~$500 cash/check, in some cases buyers are responsible for termite and survey which can add up to $1,000)

Ensure Contingencies have been met to your liking (such as home repairs, home cleaning, termite, survey)

Ashley will ensure that all inspections are scheduled & all contingencies are completed in a timely manner and 

You will be involved and updated on all issues that may arise