What is the Seller required to do as part of the escrow transaction?
1. Provide evidence of any required repair work.
2. Provide contact information for escrow closer on home you are currently purchasing, if applicable.
3. Provide requisite documents for clearing preliminary title, if required.
4. Fulfill all conditions of the purchase and sale agreement.
I have a question about the sale. Who should I contact?
Contact your real estate agent if you have a question about the Purchase and Sale Agreement. Call your loan officer about the status, or terms and condition or status of your loan. Call Professional Escrow Services with any other questions.
When should we sign our papers?
We will set up a time for you to sign, at least two days prior to the official closing date. After you sign, the documents must be recorded and the funds disbursed at which time your file is considered closed.
What if neither I nor my spouse can be present for the signing?
A signed, notarized "power of attorney" enables someone you designate to sign on your behalf. Ask your closer for more details.
What compensation can I expect after the closing?
You will receive the selling price less your existing mortgage balance, excise (transfer) tax, the title insurance premium, the escrow fee, the real estate agent commission, and any other liens to be paid off as specified in the Purchase and Sale Agreement.
When will I receive net payment?
Your net proceeds from the sale will be available on the day your documents are recorded (the closing date) or on the following business day. You may opt to receive your funds via wire transfer, direct deposit, by mail or in person.
Can you transfer the sale proceeds to the purchase of a new home?
Yes, if the purchase closes after the sale we can coordinate the fund transfer with your other escrow agent. The optimal solution is to have Professional Escrow Services act as escrow agent on both transactions, which expedites the closing process.
What else should I bring to the signing?
Picture I.D. (valid driver's license, passport, or birth certificate)
When do I give the keys to the buyer?
Ask your real estate agent, who will likely present the keys to the buyer on the date of closing.
Why do I have to pay for Title Insurance?
Title Insurance guarantees that the sellers have clear title to the property being sold. Professional Escrow Services will not process an escrow for a home lacking title insurance.
Should I continue to make payments on the mortgage for the home I am selling?
Yes, you are responsible for making mortgage payments on your home until after the transaction has closed.