A Buyer's Guide to the Escrow Process
Embarking on the journey of homeownership is both exhilarating and intricate. Once your offer is accepted, the next important phase begins: the escrow process. For many, it can seem like uncharted territory, but with Elite Escrow Services of San Diego by your side, you're in good hands. Let's delve into what you can anticipate during this crucial phase.
1. Meet Your Elite Escrow Team:
To start the escrow process, expect an introductory email from your escrow officer and team. This will include the details of your transaction, your unique escrow number, and instructions on completing your paperwork.
Should your plans require you to be out of town during your escrow, it's imperative that you relay this to your escrow team as soon as possible. Transparency at this stage ensures a smoother transaction down the line.
2. Send In Your Earnest Money Deposit:
Your earnest money deposit is typically due 3 days after acceptance of your contract (please note: this depends on the agreed terms in your contract). Your escrow team will call you and provide secure wiring instructions for your deposit. Please be aware that, for your utmost security, Elite Escrow Services will never email you wiring instructions.
3. Provide Your Property Insurance Details:
Insurance plays a paramount role in the escrow process. Be prepared to present the necessary insurance details for your soon-to-be property. This information is indispensable not only for the Elite Escrow team but also for your lender to seamlessly process your transaction.
4. Complete Your Escrow Paperwork:
During this period, you will be getting information and requests from your real estate agent, lender, and your team at Elite Escrow. It's crucial to remain attentive, checking your communications regularly. Swift responses and the timely return of paperwork can expedite your journey towards homeownership.
5. The Grand Finale: Signing and Sealing the Deal:
As the closing date inches closer, we will schedule a time for you to sign your loan documents with a notary. It's of utmost importance that the name on your identification is the same name you will use when you sign your loan documents. If you are recently married or have changed your name, call us right away so we can advise you on the signing process.
For an in-depth exploration of the final signing, funding, and recording process, we've crafted an informative video titled, "How the Closing Process Works." You can watch that here:
At Elite Escrow Services of San Diego, we pride ourselves on setting the standard for escrow proficiency and expertise. With decades of experience helping a wide variety of clients, you can rely on us for unparalleled guidance.