Are you 100% familiar with the forms that your Escrow Officer needs? No? Your friends at Webber Realty are here to help! We have compiled the following list of information that should be obtained from the Buyer when writing an offer to purchase. Provide the following information to your Escrow Officer as soon as it is completed by your Buyer to ensure a seamless process, let’s take a look!
A STATEMENT OF IDENTITY
A statement of identity is a document used to properly identify the Buyer. Its purpose is to help the title companies avoid any delays as a result of property liens or judgments affecting someone with a similar name.
BUYER VESTING INFORMATION (Status & Vesting)
When it comes to different types of deeds and the rights transferred through them, a Vesting Deed is undoubtedly one of the best to get. The “vesting term” refers to the fact that the seller has absolute right of title as well as ownership rights. These rights can then be transferred to the buyer. First, establish the buyer status. Check whichever box is applicable:
- Married
- A Single Person (Never Married)
- A Widow
- A Widower
- A Married Couple
- A Married Person
- An Unmarried Person
- Registered Domestic Partners
- Other _________________________
Mark applicable box to establish the Vesting:
- Community Property
- Joint Tenants
- Partnership (Limited or General)
- Sole and Separate Property (If Married or Domestic Partnership,
- Community Property with Right of Survivorship
- Interspousal Grant Deed; a Quitclaim Deed, Statement of Information and Appropriate Instructions will need to be submitted)
- Corporation (California or Other State)
- Tenancy in Common (Please Give Interest Amounts)
- A Trust (Attach Copy of Trust Agreement)
- Other ___________________________
Each state has its own precise language that must be included for the vesting to take effect. A majority of the time, the verbiage is some variation of the phrase “absolute right of title and ownership rights.” Failure to use the precise terms can keep the vesting deed from being enforceable, thus voiding it. Ask Mike or Justin what the proper language is to ensure a smooth process.
In most states, filing the proper paperwork with the courthouse where the property is located is absolutely necessary and is an essential part of the process known as “perfection.” Failure to perfect can result in a partial or total loss of vesting rights.
HAZARD INSURANCE CARRIER
Hazard insurance is coverage that homeowners insurance provides for certain risks. Usually if you hear someone mention hazard insurance, they are likely referring to a homeowners insurance policy. Gather the contact information and quote for the annual premium from the hazard insurance carrier as soon as possible in order to disclose accurately and prevent any delay in closing. What you will need:
INSURANCE COMPANY: _________________________________________
WEBSITE: ____________________________________________________
AGENT’S NAME: ______________________________________________
PHONE#: _____________________ EMAIL: _________________________
EST. INSURANCE PREMIUMS ____________________________________
NEW LOAN INFORMATION
If you are applying for a mortgage you will need to collect the loan details below:
NAME OF LENDER: __________________________________
AGENT’S NAME: ______________________________________
PHONE#: ____________________________________________
EMAIL: _________________________________________________
WEBSITE:______________________________________________________
BUYER INFORMATION
Just as you want to have your accurate information listed, the Buyer’s information is just as important.
BUYER’S PHONE#: ______________________________________
BUYER’S EMAIL: __________________________________________
BUYER’S EMERGENCY CONTACT ______________________________
IS THE BUYER PLANNING TO LEAVE THE COUNTRY WITHIN THE NEXT 90 DAYS? (Circle the applicable) YES or NO
ANTICIPATED CLOSING DATE: _________________________________________
FINAL NOTES
To meet your pending closing date, the Buyer’s lender will need to disclose all accurate and final fees at least seven days prior to the scheduled close date. Make sure that your escrow officer is in receipt of all fees, credits and charges from the seller as soon as possible to prevent any last minute changes that will subsequently delay closing. Note the following information below:
PROPERTY ADDRESS: _____________________________________________
ESCROW# ________________________________________________________
AGENT/BROKER: _________________________________________________
AGENT’S CONTACT INFORMATION:
OFFICE: ___________________________ MOBILE: ______________________
EMAIL: ____________________________________________________________
As always feel free to ask Mike or Justin for more details on the Buyer Upfront Requirements, we are here to help!
