FAQ'S
- What is the purpose of Escrow ?
- Who chooses Escrow ?
- How can I open a transaction with Designated Escrow Inc. ?
- Who do I make my check out to ?
- What type of transaction does Designated Escrow Inc. handle ?
- What is the difference between signing and closing ?
- When can I schedule an appointment to sign my documents ?
- Can the escrow officer/office give legal advice ?
Q.What is the purpose of Escrow ?
A. Your escrow officer is a neutral third party, who insures all terms and conditions of your purchase and sale agreement and/or lenders instructions have been met. Your escrow officer selects and prepares the necessary legal documents to transfer your real or personal property and insures a clear chain of title. As an independent third party, we receive no referral fees and are not affiliated with a lender, real estate agency, or title company, so you can be sure you are receiving the best possible escrow services without any compromise.
Q.Who chooses Escrow?
A. The selection of the escrow holder is normally done by agreement between the principals. If a real estate broker is involved in the transaction, the broker may recommend an escrow holder. However, it is the right of the principals to make the choice. There are laws that prohibit the payment of referral fees, thereby affording the consumer the best possible escrow services without any compromise caused by a person receiving a referral fee. We suggest using a truly independent third party, an escrow agent not affiliated with a lender or real estate agency or title company.
Q. How can I open a transaction with Designated Escrow Inc. ?
A. To open a transaction with Designated Escrow Inc. Simply print out this printer friendly new set up document and either fax to our office at 253-584-1475 or stop by and meet the friendly members of the designated escrow team.
Q.Who do I make my check out to ?
A. If you are required to bring in a check to cover your closing costs and/or down payment, it needs to be in the form of a cashier's check payable to Designated Escrow Inc. State statute calls for 'collected funds' which is why your check must be a cashier's check or wired funds.
Q. What type of transaction does Designated Escrow Inc. handle ?
A.
- VACANT LAND
- REFINANCE
- HOME EQUITY LINES OF CREDIT
- CONSTRUCTION LOANS
- PURCHASE AND SALES
- MOBILE HOME TRANSFERS/ ELIMINATIONS
- COMMERCIAL CLOSINGS, BUSINESS OPPORTUNITIES
Q.What is the difference between signing and closing ?
A. Signing is when escrow and/or loan documents are executed. Closing occurs when the necessary funds have been transferred to escrow and all legal documents necessary to place a mortgage or transfer property have been recorded at the appropriate auditors office.
Q. When can I schedule an appointment to sign my documents ?
A. Typically in transactions in which a loan is involved, appointments should be scheduled after escrow receives loan documents. For cash transactions, appointments will be scheduled once title has been cleared.
Q. Can the escrow officer/office give legal advice ?
A. The escrow officer is a neutral third party. For legal advice, please consult your attorney. Your real estate agent may also be able to provide insight and refer you to local resources available to you.