Escrows Flashcards
Escrows are NOT considered…
binding until both the buyer and seller have signed the Purchase of Sale Agreement (PSA). Once bind - escrow must be opened immediately.
PSA’s can come in …
CAR Forms, AIR Forms and attorney drafted agreements
Timelines are based on the info provided in the PSA, consisting of…
-Date the PSA was xecuted/or date escrow opened
-date the posit must be entered into escrow
-date title is to provide the prelim by
-date seller must provide certain documentation on the property
-date all inspections/reports must be completed by (consider DD)
-date the appraisal must be done by
-date the loan must be affirmed by
-date the escrow shall close (COE)
All dates must….
be tracked by some means of tracking
During the DD period all disclosures must be….
executed and distributed to all pertinent parties (buyer and/or seller)
During the DD period, all inspections must be…
completed if applicable. (Termite, Roof, Enivromental, HVAC etc.)
If applicable, make sure the tenant estoppel(s) assignment of lease is…
executed and completed by pertinent parties
If applicable, IPX docs must be completed properly and on time so work with…
the exchange accommodator and title company to ensure this is done
If applicable, make sure HOA documents are…
produced and provided to the pertinent party.
If applicable, make sure any property management agreements are…
drafted, accepted and executed on or before the close of escrow
If applicable, found in the PSA, track any second deposits that are to be…
issued and/or released.
Make sure to receive from title…
the escrow instructions, NHD, commission instructions and prelim report
Commission instructions MUST…
be signed by Matt Graham
In the event you need to use a Commission Demand, the template is found under the, “Wiring” template folder on the computer. You then…
…fill out the template with the pertinent information requested to send to escrow.
