New Dimensions Escrow - Escrow Services Serving the Inland Empire

1. What happens to the Buyer's initial deposit check?
2. When does the Buyer need to provide Homeowner's Insurance Information?
3. Do Seller and Buyer need to be present in the Escrow Office at time of closing?
4. What transpires after Buyer's loan is approved to close the Escrow?
5. When and how will funds be disbursed by the Escrow holder?
6. When and how will the Buyer receive possession of the property and the keys?

1. What happens to the Buyer's initial deposit check?

The Buyer's initial deposit check is immediately deposited in the Escrow Trust Account upon Escrow Holder's receipt of the check. The Buyer must make sure there are sufficient funds to cover the check at the time of issuance.

2. When does the Buyer need to provide Homeowner's Insurance Information?

The Buyer should be contacting their insurance agent upon opening escrow to obtain a quote and provide the insurance agent with the necessary property information. Some insurance companies require inspections of the property prior to issuance; early contact will prevent delays in closing Escrow.

3. Do Seller and Buyer need to be present in the Escrow Office at time of closing?

No, all documents have been previously signed and the Buyer's funds are on deposit. The Escrow officer will simply need instructions regarding disbursement of the Seller's proceeds and the correct addresses and preferred delivery method for closing papers for both Seller and Buyer.

4. What transpires after Buyer's loan is approved to close the Escrow?

A. Lender issues loan documents to Escrow Holder.

B. Escrow officer review loan documents and calculates funds necessary from buyer to close Escrow.

C. Appointment is scheduled with buyer for signing loan documents. At this time Buyer is given the amount necessary to close Escrow. Buyer must either obtain a cashier's check payable to Escrow Company or initiate a wire transfer from their financial institution to the Escrow Company Trust Account. Buyer must bring valid picture identification (driver's license, state issued identification card, passport, and military identification card) to enable notarization of loan documents.

D. After the loan documents are signed the package is delivered to funding lender for their review. The average review time is 24 to 48 hours. Upon the lender's determination that all conditions are satisfied, the loan will fund and the close of Escrow will occur upon the title companies receipt of lender's funds and recordation of the documents with the county recorder.

5. When and how will funds be disbursed by the Escrow holder?

Upon the Escrow holder's notification of recording confirmation from the Title Company and receipt of wired funds from the title company, the Escrow officer will settle out the file and issue checks and closing statements.

6. When and how will the Buyer receive possession of the property and the keys?

The Escrow holder is not involved in the delivery of possession of the property or keys. The possession date is agreed upon in the purchase agreement and the keys will be provided to the Buyer though the Real Estate Agents.