How do I receive my money?
Traditionally on the day that Escrow is scheduled to close, Property Sales Group wires the money to escrow.
After all the proper paperwork is filed, Escrow wires the money into your bank account or gives you a check whichever you prefer.
Once you receive your money, the sale is completed and you have officially sold your home!
How closing happens?
Closing is a real estate term for “when you sell your house and get your money”. What happens at the closing is important, but not something to be concerned about. At closing, you sign all the final documents needed and prepared by the escrow company to officially sell your house.
Once the seller, buyer, Escrow company and the title company all agree everything looks good, the sale is complete. Traditionally the day the sale is complete, is the same day the seller gets their money and the buyer gets the keys to the house.
That same day the new owners name goes on title for the ownership of the property with the local city or county Records office.
The escrow company and Property Sales Group will be there every step of the way to help with any questions or concerns you may have.
What is meant by “We are In-Escrow”?
In-Escrow means that there is an agreement between the buyer and seller and an escrow company is handling the real estate transaction.
Earnest Money Deposit or EMD. Escrow also holds the buyers earnest money deposit. Traditionally, the buyer is suppose to place 3% of the purchase price in escrow as their earnest money deposit.
This earnest money deposit is much like a security deposit when leasing a new apartment.
If the buyer fails to abide by the contract you then have the rights to a portion or all of the buyer’s earnest money deposit. Escrow makes sure you get your money!
Property Sales group also uses a Escrow company to insure that the seller is well protected and the transaction goes smoothly.
What is Title?
It’s search of a real estate property’s title history.
A title report will contain general property information like a description, zoning, and tax rate, in addition to a more detailed history of the property’s ownership with the names of any titleholders.
It will show any liens, mortgages, or overdue taxes, or any concerns about property boundaries.
The title report verifies that the person selling the home is the same person that owns the home
What is Escrow?
Escrow is third party or neutral party mediator that oversees all types of Real Estate transactions. In other words, Escrow works for both the buyer and seller in a Real Estate transaction and strictly follows all ethical standards required by law.
The Escrow company makes sure everyone abides by the agreement, all the proper paperwork is completed, coordinates with mortgage companies and lien holders, verifies tax payments and refunds.
Escrow timeline starts when the contract is accepted and executed by both the buyer and seller.
Day 1. Escrow is opened and the escrow officer orders a Preliminary title report.
Day 2-3. Property Sales Group deposits their EMD (Ernest Money Deposit).
Day 4-5. Preliminary Title Report comes back. If there are any outstanding liens, escrow will order the payoff reports for any liens on the property. All liens on the property will have to be paid off at the close of escrow.
Day 6. Escrow prepares final closing paperwork for buyer and seller to sign.
Day 7. Property Sales Group wires the money to escrow. In turn escrow wires the money to you. Once you receive your money we are officially done! That’s easy.