For realtors, a powerful tool to calculate your proceeds from the sale.
See a timeline outlining what you can expect in the Escrow Process
Documents Needed During Escrow
Know what you need now so there aren’t any surprises later.
We offer a simple straightforward closing process with the efficiency of our Foundation Connect platform.
Understand the escrow vocabulary and acronyms
What are closing costs and who pays them?
For buyers, show your commitment to follow through.
Learn about the escrow process directly from our experts.
DOCUMENTS NEEDED FOR ESCROW
Know what you need now, so there aren’t any surprises later.
Get list of documents needed from client
AVOIDING WIRE FRAUD
Protect your money when buying a home
Avoid criminals who may try to steal your money by emailing fake wire instructions. They may use a similar email address, logo, and other info to make it look like the email came from your real estate agent, escrow, or title company.
You can protect yourself by following these steps:
BE VIGILANT
Call, don’t email: Confirm your wiring instructions by phone using a known number before transferring funds. Be suspicious: It’s uncommon for escrow companies to exchange wiring instructions and payment info by email.
PROTECT YOUR MONEY
Confirm everything: Ask the bank to confirm the name on the account before sending a wire. Verify immediately: Within four to eight hours, call the escrow or title company to confirm they received the money.
ALREADY BEEN VICTIMIZED?
Immediately call your bank and ask them to issue a recall notice for your wire. Report the crime to www.IC3.gov Call your regional FBI office and police. Detecting that fraud within 24 hours is the best chance of recovering your money.
Content provided by the American Land Title Association.
For informational purposes only, should not be considered legal advice
CLOSING COSTS
Understand closing costs and who is responsible for paying them.
-WHAT ARE THEY?
Closing costs are the collection of fees, taxes, commissions, and other charges that are involved in the home sale or purchase transaction. They include payments to the various professionals involved in the transaction, in addition to charges that have to be paid upfront, like the initial homeowner’s insurance payment or HOA fees. There are also fees associated with some of the legal aspects of the home sale or purchase process, such as transferring and recording the deed, conducting a title search, and getting a credit report.
-WHO PAYS THEM?
Both buyers and sellers are responsible for paying closing costs.If a seller is receiving money from the equity in his or her home, closing costs will be deducted from those funds before disbursement.For buyers, closing costs will be paid along with the remainder of his or her down payment, with a credit given for prior payments like the Earnest Money Deposit (EMD) or in the event of seller help.
Earnest Money Deposit
For buyers, show your commitment to follow through.
WHAT IS IT?
As a buyer, when you enter into an agreement to purchase a home, you want to show the seller that you are serious and committed – that they can rely on you to carry through with your agreement. That is the purpose of earnest money, a small deposit that you put down with your offer in order to show your good faith.
HOW MUCH?
EMDs can range from 1% to 5% of the purchase price of the home. In particularly competitive markets with low inventory or multiple offer situations, higher EMDs are common to strengthen the offer.
Questions?
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