Escrow of Document (by razorback_tim [AR]) Jun 13, 2019 8:03 PM|
Escrow of Document (by Robert J [CA]) Jun 13, 2019 9:03 PM
Escrow of Document (by Ken [NY]) Jun 13, 2019 9:29 PM
Escrow of Document (by Nicole [PA]) Jun 13, 2019 9:37 PM
Escrow of Document (by S i d [MO]) Jun 14, 2019 9:43 AM
Escrow of Document (by BRAD 20,000 [IN]) Jun 14, 2019 10:08 AM
Escrow of Document (by Mike45 [NV]) Jun 14, 2019 4:10 PM
Escrow of Document (by Nicole [PA]) Jun 14, 2019 9:14 PM
Escrow of Document (by fred [CA]) Jun 15, 2019 1:10 PM
Escrow of Document (by Ray-N-Pa [PA]) Jun 15, 2019 7:03 PM
Escrow of Document (by Mike SWMO [MO]) Jun 16, 2019 11:18 AM
Escrow of Document (by razorback_tim [AR]) Jun 16, 2019 6:53 PM
Escrow of Document (by Mike SWMO [MO]) Jun 17, 2019 6:51 AM
Escrow of Document (by Nicole [PA]) Jun 17, 2019 8:23 AM
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Escrow of Document (by razorback_tim [AR]) Posted on: Jun 13, 2019 8:03 PM
A couple of years ago I sold a house and carried the papers. The buyer is re-financing and paying me off. The title company wants me to sign the release prior to closing and they will hold the release in escrow until I have received the funds. Does anyone have experience escrowing documents? Is there usually an escrow agreement? If so, what do I need to make sure is in that escrow agreement?
Escrow of Document (by Robert J [CA]) Posted on: Jun 13, 2019 9:03 PM
I check to make sure the escrow company is licensed and bonded. Then I get written terms for the release of the debt, mortgage pay-off. That the escrow and/or title company has to guarantee that they hold the funds payable to you first before filing the loan is paid off in full.
Sometimes this means the person paying off the loan has to:
a) wire transfer the funds
b) provide a cashier's check the day or two before the filing.
This way if someone makes a mistake and you no long have a lien on the property (loan), you can go after your escrow company.. --47.156.xx.xx
Escrow of Document (by Ken [NY]) Posted on: Jun 13, 2019 9:29 PM
This is common,they don't want to count on an individual providing a satisfaction after the fact.You could just ask them to provide a receipt acknowledging they wont release it until they have your check,you could also tell them you will go to the closing and sign the satisfaction when you are handed the check --72.231.xxx.xxx
Escrow of Document (by Nicole [PA]) Posted on: Jun 13, 2019 9:37 PM
I trust no one.... just my nature regarding what I've seen in real estate transactions over many years.
Why not go to closing and sign the release documents at the table ... they get their paperwork, you walk out the door with a check in hand. --72.70.xxx.xx
Escrow of Document (by S i d [MO]) Posted on: Jun 14, 2019 9:43 AM
I'm with Nichole. There is zero reason for you to sign in advance. Until you sign, you get no money. They should have the certified check waiting for you at the table. You sign the paper releasing the lien and they hand you the check. Done. That's the whole point of the escrow closing process: ensuring all parties show up and do the right thing before the money changes hands. --173.20.xxx.xxx
Escrow of Document (by BRAD 20,000 [IN]) Posted on: Jun 14, 2019 10:08 AM
Been there. I sign a release AFTER the funds have cleared MY bank.
MANY closings are delayed or have errors. Too many things go wrong.
Escrow of Document (by Mike45 [NV]) Posted on: Jun 14, 2019 4:10 PM
About 35 years ago, I would participate in Closings. Everyone would sit down in an office conference room and pass around the documents to make sure everything was in order. [All documents were pre-signed and notarized, but not yet exchanged.] Once everyone was satisfied, and the tax prorations agreed up, everything was exchanged. Razorback would hand over the mortgage reconveyance and would be given a cashier's check for payment in full. The Seller would hand over the Grant Deed. The Buyer would hand over the new Mortgage. The Bank would hand over the various checks -- to Razorback, to the Seller, to the Title Company, etc.
Now, in reality, there usually were not a dozen people in the conference room. There were usually just two attorneys. Unlike Nicole, the people invoved trusted that the attorneys were not going to risk losing their licenses for fifty thousand dollars (or whatever houses were going for in those ancient days). The Bank trusted the Buyer's attorney with the various checks that were needed. The mortgage holder trusted whichever atty he gave the Reconveyance to. It all worked out very nicely. If any of the attys involved ever had a smidgen of doubt about his integrity, he would have no longer been involved in real estate transactions.
But sometimes, especially with first-time buyers, there would be that crowd celebrating the exchange of documents, checks, keys, etc.
Escrow of Document (by Nicole [PA]) Posted on: Jun 14, 2019 9:14 PM
ah Mike, you misunderstand what I don't trust !!! I absolutely trust my attorney and what you are talking about is exactly what I do trust and how I also conduct my personal business.
What I don't trust are the settlement agents scattered around the country working in all 50 states. I do not trust vendor management companies. Dishonest? No. Sloppy, absolutely. Employees who aren't allowed to think, follow a script checking boxes & dotting i's is what I don't trust. Signing a Mortgage Satisfaction Piece and sending it to a settlement agent somewhere else and hoping they get everything done correctly and on time is not for me. Doing it that way, you won't get your money until days after the loan disburses ...I like everything in one place, at one time. I understand California and other "escrow" states don't work this way ... I am in a table funding state and that is how I base my opinions. --72.70.xxx.xx
Escrow of Document (by fred [CA]) Posted on: Jun 15, 2019 1:10 PM
It's as simple as 1-2-3.
You give me the money, I give you the papers...AT THE SAME TIME.
And oh yeah, make sure the one who's doing the swapping (the escrow company) is licensed and bonded.
Escrow of Document (by Ray-N-Pa [PA]) Posted on: Jun 15, 2019 7:03 PM
Tim - This is absolutely normal. They will want to make sure you didn't go sell the note and are trying to get paid twice. --24.101.xxx.xx
Escrow of Document (by Mike SWMO [MO]) Posted on: Jun 16, 2019 11:18 AM
I replied but it was eaten by the filter. --71.29.x.xx
Escrow of Document (by razorback_tim [AR]) Posted on: Jun 16, 2019 6:53 PM
Thanks for everyone's input.
I've got it worked out with the title company to my satisfaction. --70.178.x.xx
Escrow of Document (by Mike SWMO [MO]) Posted on: Jun 17, 2019 6:51 AM
Tim That is kind of what I did the time I came by and had lunch with you. You remember the little piece of dirt in Pine ville that I sold.
Great Am. Title did all the work. Had everything done and ready for the signing. Buyer had come in a few minutes earlier and signed everything and then when I got there I signed the papers and title company handed me their check. They had wanted to do everything over the air waves (internet) but I told them the drive was good for me and I could see and touch the papers when I got there. Took all of about 20 minutes.
A while back I sold another property out of a lawyer office in St Louis. I told them to have everything ready and I would stop in and do my signing. I feel face time is important. Sure, it was a little drive (250 miles) but walking out of lawyers company with their check in hand just made me feel better than waiting for the mail person.
What was it that Aldo said … except maybe change the words to seller and buyer. --71.29.x.xx
Escrow of Document (by Nicole [PA]) Posted on: Jun 17, 2019 8:23 AM
also, SELDOM is a certified check provided at closing. Reason for that is the settlement agent processes the transaction through their escrow/iolta account. They cannot go to their bank and get a certified check until the buyer (or his lender) funds have been deposited. --72.70.xxx.xx
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