Page 10 - California Buyers & Sellers Guide
P. 10
ESCROW & THE What do closing costs include?
CLOSING The closing costs include, but are not
limited to, title premium, taxes, notary
PROCESS fees, loan fees, escrow fees and record-
ing fees.
Escrow is a financial How do I open escrow?
arrangement between two On occasion, your real estate agent will
open an escrow account for the
parties that then enlist a neutral transaction, but any parties involved
third-party to hold money, may open the account. To open escrow,
paperwork, and assets before a respective parties generally deliver to an
transaction is finalized. Escrow is escrow company the earnest money
required to follow mutual written check and the Purchase and Sale
instructions from all parties. Agreement.
Escrow will coordinate with the Who sets the closing date?
buyer, seller, and lenders, as the Both the buyer and seller must
middleman, to make sure that mutually agree to a closing date but
title and funds are transferred either can choose.
between the parties in accordance Who selects the escrow company?
with the instructions they sign. Any party to a transaction may decide
which escrow company will close the
transaction but it is customarily agreed
upon in the PSA.
PA GE 8 S TRENGTH | E X P ER TISE | SERV ICE
