A transaction involving the purchase or sale of a previously owned home or property.
Escrow Holder’s role is to ensure the following items and requirements are adhered to and met by all parties involved in real estate contract and purchase agreement:
· Buyer and Seller complete all necessary forms and instructions required to complete the transaction within the time periods set forth in the real estate contract and purchase agreement.
· Wherein Buyer is obtaining new financing, the Buyer furnishes any and all required documents requested by the new lender.
· Buyer’s deposit funds sufficient to meet the total sale price of the subject property, including closing costs. Funds are obtained through new lender financing, Buyer assumption of Seller’s current loan, direct financing from Seller, or pay all cash.
· Seller deposits with Escrow Holder deed to subject property in favor of the Buyer.
· Seller provides all required documents including disclosure reports, including governing document of any Homeowner Association, if applicable.
· Buyer’s new lender deposits proceeds from new loan.
When all of the conditions of escrow have been met by all parties, lender deposits proceeds from new loan and the deed is recorded to transfer title and ownership interest in the subject property from the Seller to the Buyer and net proceeds are paid to the Seller. Additional documents may also be recorded concurrently with the deed including but not limited to Trust Deed, which is the lender’s security document.
Buying a home may be the most important investment you will ever make. That is why it is so important to be sure that the company handling your escrow transaction is one with a reputation of excellence and service.
Chicago Title - Legends Escrow Division, understands the needs of completing your transaction with the highest level of professionalism and by adding our own personal touch to each and every transaction as well as focusing our attention on the concerns and needs of our clients.
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Chicago Title - Legends Escrow Division
San Diego's Premier Escrow Company
MISSION VALLEY BRANCH
2365 Northside Drive, Suite 600
San Diego, CA 92108
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16776 Bernardo Center Drive, Suite 108
San Diego, CA 92128